Silver Airways, which operates flights between Florida and the Bahamas, has announced that it has completed its previously announced strategic review process.

An affiliate of Philadelphia-based private equity firm, Versa Capital Management, is now the controlling equity holder of the airline.

“This is yet another significant milestone for our young airline,” said Silver Airways President and CEO Sami Teittinen. “As the carrier of choice for Florida and Bahamas, Silver Airways and our team of dedicated professionals have been focused on providing safe, reliable and customer-focused service while growing the network.  Working with a strong partner such as Versa Capital Management will allow Silver to continue our longer-term growth plans and expansion deeper into the Caribbean, including our new operation to all nine Cuba destinations beyond Havana With fresh capital and a newly strengthened balance sheet, Silver Airways now has the resources to take advantage of its robust set of opportunities.”

“We are pleased to announce that the strategic review process we began nine months ago has been successfully completed,” said Silver’s CFO and Executive Vice President Jason Bewley.  “The recapitalization of Silver Airways will provide our company the financial strength and resources needed to expand into Cuba and beyond. This is a very important step in the continuing evolution of Silver and we are excited for the opportunities that lie ahead.”

“We welcome this opportunity to work with Sami and the Silver team as they move forward with their growth initiatives,” said Versa Capital Chairman and CEO Gregory L. Segall. “We share their vision for the company and believe that Silver Airways’ unique positioning in the airline industry offers U.S. customers travel opportunities not available elsewhere.”