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Private Equity Exits Omni Air as Founder and Sun Country Airlines CEO Take Control

Air Transport Services Group agreed to sell Omni Air, a passenger charter and outsourced airline provider, to OAI Holdings in a transaction driven partly by Stonepeak's need to divest the airline to close a $2.53 billion parking meter concession with the city of Chicago. The transaction is expected to close in the fourth quarter or early 2027, pending regulatory approval.

OAI Holdings counts among its officers Robert Coretz, who founded Omni Air in 1993 and led the company until ATSG acquired it for $845 million in 2018. Jude Bricker, former CEO of Sun Country Airlines, also holds an officer position at OAI Holdings. Robert Waldo, president of Kaiser-Francis Oil Co., completes the ownership group.

The Nevada-registered company was established Sept. 22, just days before the sale announcement. Stonepeak faced pressure from Chicago politicians to find a buyer by Sept. 30 because of Omni Air's contract with the Department of Homeland Security. ATSG said the new management team brings extensive aviation expertise as the firm concentrates on its cargo-focused business segments.