Pi Capital and Matrix Private Equity have realised their investment in Flightstore through its admission to the Alternative Investment Market (AIM) of the London Stock Exchange. Pi and Matrix invested £1.7m in Flightstore as a start-up in March 2001. Both parties placed the majority of their holdings for cash on float, but retain a residual holding in the quoted entity.
Admission to AIM is based on 20 million new ordinary shares being issued, giving the company a market capitalisation, at the placing price, of over £10m.
David Giampaolo, chief executive of Pi Capital, said: “The airline industry, as a result of the September 11 attacks and world economic conditions, has experienced challenging operating conditions that are unprecedented. However, the success of this listing and Flightstore’s ongoing business against this backdrop is testament to the commitment and drive of management and its shareholders.”
Flightstore’s proprietary software operating on seat-back television systems installed and maintained by the airlines provides an in-flight intranet that allows passengers to transact with organisations on the ground to purchase goods and services or to register their interest for subsequent marketing communications. First launched on a commercial airline in 2001, Flightstore is currently operating with six airlines and is in advanced negotiations with another US airline which operates a further 35 aircraft.