Midwest Air acquired, stock stops trading on Amex

By Lisa Kerner

Charlotte, N.C., Jan. 31 - The sale of Midwest Air Group, Inc., parent company of Midwest Airlines, to TPG Capital affiliate Midwest Air Partners, LLC was completed on Thursday.

As a result, Midwest Air Group stock ceased trading on the American Stock Exchange.

"We're looking forward to capitalizing on TPG's considerable experience in the airline industry to help us continue to meet - and exceed - the expectations of the traveling public," Midwest chairman and chief executive officer Timothy E. Hoeksema said in a news release.

Midwest's strategic plan calls for the company to implement a seating choice, to enhance its codeshare agreement with Northwest Airlines and to introduce an environmental initiative known as "the best care for the air."

"Our goal is to work with Midwest's excellent management team and loyal workforce to look for opportunities to grow and enhance service for customers in the greater Milwaukee and Kansas City metropolitan areas and throughout the airline's network," TPG partner Richard P. Schifter said in the release.

In August, Midwest agreed to be acquired by the TPG affiliate for some $450 million, or $17 per share.

Eagan, Minn.-based airline Northwest Airlines is a minority passive investor in Midwest Air Partners, a prior news release stated.

Midwest is a Milwaukee-based provider of jet service to primarily business travelers. TPG Capital is the buyout group of TPG, a private investment firm based in Forth Worth, Texas.

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