Affinity advised on sale of stake in Virgin’s Velocity program
Private equity firm Affinity has been advised on the sale of a 35 per cent stake in the Velocity Frequent Flyer program to Virgin Australia Holdings Limited.
Firm: King & Wood Mallesons (Affinity Equity Partners); unknown (Virgin Australia Holdings Limited).
Deal: Affinity has sold its 35 per cent stake in the Velocity program to Virgin Australia for an unknown amount.
Area: Private equity.
Key players: The KWM team was led by partners Mark McNamara and Alex Elser.
Deal significance: Commenting on the transaction, Mr McNamara said: “We are delighted to have advised Affinity on this investment. The Velocity Frequent Flyer Program is one of the leading Australian loyalty programs with almost 10 million members.”
“In partnership with Virgin Australia, the Affinity team has participated in a period of rapid growth and success for the Velocity business. We wish Virgin Australia every success in continuing to grow Velocity.”