An investor group led by Tim Morgan, announced that it will launch a Canadian ultra-low-cost-carrier (ULCC) service in 2019, bringing affordable, low-cost air travel to millions of Canadians by this time next year.

Backed by significant financial commitments from a consortium of Canadian investors and Indigo Partners, LLC, a leading private equity firm specializing in the aviation industry, Enerjet, a licensed Canadian carrier, will be rebranded, expanded and transformed into an affordable air-travel choice for Canadian travelers. This Canadian ULCC will offer a simple, ultra-low-cost fare structure and an extensive network of destinations across Canada and into the US. Terms of the transaction, which closed today, were not disclosed.

"We believe there are millions of Canadians who would jump at the chance to have a simple, safe, and affordable alternative to the sky-high costs of air travel," said Mr. Morgan, who will serve as Chief Executive Officer. "We are extremely pleased to have the backing of leading Canadian investors and our partners at Indigo. Together, this group has the financial capacity, experience, and operating expertise to transform Enerjet into a world-class, ultra-low-cost airline that will bring increased choice and competition to the Canadian market."

As a co-founder, former director and former chief operating officer at WestJet, Canada's second-largest airline, Mr. Morgan has deep expertise and experience in the Canadian aviation market and is well-respected by aviation professionals, industry partners, and regulators.

"We believe we can significantly increase the size and competitiveness of Canada's domestic and trans-border aviation market by offering an ultra low-cost alternative to the high cost of air travel," said Bill Franke, Indigo's Managing Partner. "Our goal is to be in the market by this time next year to help more Canadians visit family and friends over the holidays and for years to come."