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Investment Overview

Pioneer of the Low Cost Carrier model in Turkey

Esas acquired Pegasus in 2005

Value-Add
+21%
CAGR of number of passengers from 2008 to 2017
28 million
Number of passengers who flew with Pegasus in 2017
14.5x
Return generated by the IPO for Esas
# of passengers
2009
5.9
2010
8.6
2011
11.3
2012
13.6
2015
22.3
2016
24.1
2017
27.8
# of aircrafts
2009
21
2010
28
2011
35
2012
37
2015
67
2016
70
2017
73
Superior operating performance versus domestic competitors
High utilization rates, excellent "on time" records, significant cost advantage over Turkish Airlines
number of passengers grew at 21% CAGR from 2008 to 2017
Fastest growing airline in Europe
Experienced management supported by a seasoned Board Of Directors
Current board includes Mark Griffiths (former COO of Virgin Atlantic) and Saad Hammad (former CEO of Flybe)
Previous board members include Raymond Webster (former CEO of easyJet), Conor McCarthy (former operations director of Ryanair) and Moritz Sater (founder of CrossAir)
EXIT

In April 2013, Pegasus IPO’ed at a valuation of more than $1 billion, selling 34.5% of issued shares, and generating a 14.5x return for Esas.

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