Sun Country Airlines changed hands four times before its 40th birthday. A private equity firm bought it for $188 million, took it public at a $2 billion valuation, and then stepped aside — all within seven years. On May 13, 2026, Allegiant Air closed a $1.5 billion deal that ended Sun Country’s run as an independent carrier. If you want to understand who owns Sun Country and how it got here, this is the full story.
Quick Answer
Allegiant Travel Company completed its acquisition of Sun Country Airlines on May 13, 2026, in a cash-and-stock deal valued at about $1.5 billion. Before that, Apollo Global Management owned Sun Country from 2018 until its 2021 IPO, then gradually sold its stake through 2025. Both airline brands are operating separately while the companies work toward full integration under the Allegiant name.
Key Takeaways
- Sun Country Airlines is an ultra-low-cost U.S. airline based in Minneapolis, Minnesota, focused on leisure and vacation travel.
- Apollo Global Management acquired Sun Country in 2018 for about $188 million and helped transform it into a modern low-cost carrier before exiting in early 2025.
- Sun Country went public on the NASDAQ (ticker: SNCY) in March 2021 at $24 per share, with shares jumping more than 50% on the first day of trading.
- Allegiant Travel Company completed its acquisition of Sun Country on May 13, 2026, creating a combined fleet of 195 aircraft serving nearly 175 cities.
- Both the Allegiant and Sun Country brands will continue to operate separately in the near term while the companies work toward a single FAA operating certificate.
What’s in This Article
- History of Sun Country Airlines
- What Is Apollo Global Management?
- Apollo’s Acquisition of Sun Country
- Sun Country’s IPO and Apollo’s Exit
- Changes Under Apollo’s Ownership
- Impact on Day-to-Day Operations
- Financial Performance Under Apollo
- Expansion and Growth Strategies
- Customer Experience Improvements
- The Allegiant Acquisition: Completed May 2026
- Integration Ahead: What the Combined Airline Looks Like
- Frequently Asked Questions
History of Sun Country Airlines
Sun Country Airlines was founded in 1982 by a group of former Braniff International Airways pilots and flight attendants. After Braniff shut down in May 1982, pilot Ken Sundmark teamed up with Bob Daniels of Mainline Travel Inc. to launch a charter airline serving the leisure market from Minneapolis. The airline incorporated in July 1982, and according to company records, its first revenue flight took off on January 20, 1983, flying from Sioux Falls to Las Vegas on a single Boeing 727-200.
The early years focused on affordable charter flights to warm-weather destinations. Sun Country quickly found a steady customer base among budget-conscious vacationers. By the late 1980s and into the 1990s, the airline expanded and eventually added scheduled service on June 1, 1999, opening it up to a broader market.
The transition to scheduled service brought new challenges. Sun Country faced financial difficulties and ceased operations in December 2001, filing for bankruptcy.
A group of investors purchased the airline, and flights resumed in early 2002. The airline changed hands several more times over the following years. Petters Group Worldwide and Whitebox Advisors acquired it in 2006, and in 2011, the Davis family bought Sun Country out of bankruptcy for $34 million. Through each transition, the airline held on to its core identity as a budget-friendly leisure carrier. By the mid-2000s, it had re-established itself as a reliable option for affordable flights to vacation spots.
What Is Apollo Global Management?
Apollo Global Management is a major global alternative investment firm with holdings across private equity, credit, and real estate. Leon Black, Joshua Harris, and Marc Rowan founded the firm in 1990. It has since grown into one of the largest investment firms in the world, managing assets worth hundreds of billions of dollars.
Apollo’s investment strategy focuses on finding undervalued assets and making operational improvements to boost their value. The firm typically takes a hands-on role in the companies it acquires, working directly with management teams to drive growth and cut costs. That track record across industries like travel and hospitality made Apollo a natural fit for airline investment.
Acquisition of Sun Country Airlines by Apollo Global Management
| Metric | Details |
|---|---|
| Acquisition Deal Value | About $188 million |
| Acquisition Year | 2018 |
| Acquiring Company | Apollo Global Management |
| Acquired Company | Sun Country Airlines |
| IPO | March 2021 on NASDAQ (SNCY) |
| Apollo Exit | February 2025 (sold remaining shares) |
| Allegiant Acquisition Closed | May 13, 2026 |
In 2018, Apollo Global Management acquired Sun Country Airlines in a deal valued at about $188 million. The new CEO, Jude Bricker (formerly of Allegiant Air), had already been leading the airline since 2017 and worked with Apollo to reshape Sun Country into a modern ultra-low-cost carrier.
The deal gave Apollo a controlling interest in the airline. After the acquisition, Apollo’s team and Sun Country’s leadership rolled out strategic changes focused on improving operations and expanding the route network. The partnership gave Sun Country access to Apollo’s financial resources and industry expertise while keeping its focus on affordable travel.
Products Worth Considering
MAXIMIZE SPACE: The spAIRtray, your ultimate airplane travel essential and travel accessories, is an all-in-one airplane window organizer and one of the best organization essentials that transforms cramped spaces into functional zones. A traveling accessories must haves. This innovative airplane travel accesories doubles as a travel phone holder for planes, a plane cup holder, snacks, and more of your in-flight essentials.
Officially Licensed Sun Country Model: Designed with precision and featuring the authentic Sun Country Airlines livery, this die-cast airplane offers a realistic and collectible aviation experience.
【Airline Ticket Stickers】There are 40PCS different boarding pass sticker packs, no random delivery and no duplicates. All decals are in the range of 2-4 inches size.
Sun Country’s IPO and Apollo’s Exit
On March 17, 2021, Sun Country went public on the NASDAQ under the ticker symbol SNCY. The IPO priced at $24 per share, raising about $218 million. Shares jumped more than 50% on their first day of trading, a strong sign of investor confidence in the airline’s business model.
After the IPO, Apollo gradually reduced its stake through a series of secondary offerings. By February 2025, Apollo had sold its remaining shares, fully exiting its investment in Sun Country. The firm’s roughly seven-year ownership period saw Sun Country transform from a regional charter-focused carrier into a publicly traded ultra-low-cost airline with a diversified business covering both passenger service and cargo operations for Amazon Air.
Changes and Developments at Sun Country Airlines Under Apollo’s Ownership
During Apollo’s ownership, Sun Country went through a major overhaul. One of the biggest changes was the expansion of the route network. Apollo and the management team identified underserved markets and added new destinations that matched where travelers actually wanted to go.
Apollo also invested in upgrading Sun Country’s fleet and technology. Aircraft interiors were modernized for better passenger comfort, and new booking systems helped streamline day-to-day operations. In 2019, Sun Country signed a deal to operate cargo flights for Amazon Air, adding a new revenue stream that proved especially valuable during the COVID-19 pandemic. The cargo fleet has since grown to about 12 aircraft operating under that contract.
Impact of Apollo’s Ownership on Sun Country Airlines’ Operations
Apollo’s ownership had a major effect on how Sun Country operated day to day.
The management team applied best practices from across the airline industry, cutting turnaround times and reducing operating costs.
Those efficiency gains let Sun Country keep prices competitive while improving the quality of its service. Apollo also brought stricter financial oversight and performance tracking. The airline started using data-driven methods to evaluate route profitability and plan capacity. That analytical approach helped Sun Country react faster to shifts in demand and make smarter decisions about where to fly and how often.
Financial Performance of Sun Country Airlines Under Apollo
Apollo’s capital infusion allowed Sun Country to modernize its fleet and grow its route network without piling on excessive debt. Revenue climbed as passenger numbers and load factors improved. The airline also launched its cargo segment, which provided a steady income source separate from passenger travel.
On the cost side, Sun Country renegotiated supplier contracts and streamlined operations to bring down expenses. The combination of growing revenue and tighter cost controls put the airline in a strong financial position. By 2025, Sun Country had exceeded $1 billion in annual revenue and reported multiple consecutive quarters of profitability.
Sun Country Airlines’ Expansion and Growth Strategies
Sun Country pursued aggressive growth during the Apollo years and beyond. The airline added routes to popular leisure destinations, including beach resorts and national parks, tapping into rising demand for domestic travel and outdoor experiences.
The airline also built partnerships with tour operators and travel agencies to offer bundled vacation packages that combined flights with hotels and activities. The Amazon Air cargo partnership added another dimension to the business, reducing dependence on passenger revenue alone. These strategies diversified Sun Country’s income and strengthened its brand in the leisure travel market.
Customer Experience and Service Improvements
Customer experience got significant attention after the Apollo acquisition. The airline revamped its inflight offerings with new food options and free in-flight entertainment accessible on passengers’ personal devices. Most seats came with in-seat power, full-size tray tables, and generous recline.
Sun Country also set up feedback systems so passengers could share their experiences directly with management. That helped the airline catch problems early and adjust based on what customers actually wanted. The goal was to build long-term loyalty by consistently delivering a comfortable and affordable flying experience.
The Allegiant Acquisition: Completed May 2026
On January 11, 2026, Allegiant Travel Company announced a definitive agreement to acquire Sun Country in a cash-and-stock transaction. The deal valued Sun Country at about $1.5 billion, including about $400 million in net debt. Sun Country shareholders received 0.1557 shares of Allegiant stock plus $4.10 in cash for each Sun Country share.
Shareholders of both companies approved the transaction on May 8, 2026. The deal closed on May 13, 2026, ahead of earlier estimates. Sun Country common stock stopped trading on the NASDAQ that same day. According to Allegiant’s announcement, the combined carrier now operates a fleet of 195 aircraft serving nearly 175 cities across more than 650 routes.
Note: If you booked with Sun Country, your reservation, booking channel, and loyalty program points are not affected. Both airlines continue to operate under separate brands and booking systems while working toward a single FAA operating certificate.
Allegiant CEO Gregory C. Anderson leads the combined company. Minneapolis–St. Paul, Sun Country’s home base, has become the combined carrier’s largest base of operations by both flights and seats. The combined company remains headquartered in Las Vegas.
Integration Ahead: What the Combined Airline Looks Like
The Allegiant-Sun Country combination creates the leading leisure-focused airline in the United States by several measures. The two networks complement each other well. Allegiant’s 551 routes connect small and mid-sized markets, while Sun Country’s 105 routes add a stronger presence in larger cities and 18 international destinations across Mexico, Central America, Canada, and the Caribbean.
Allegiant projects $140 million in annual synergies within three years, driven by fleet optimization, expanded scale, and procurement savings. The airlines will operate separately under their own brands until they receive a single FAA operating certificate, a process the companies expect to take about 14 months from closing. Both the Allegiant Allways Rewards and Sun Country Rewards loyalty programs remain active and separate in the meantime.
Pro tip: Sun Country Rewards members should keep their existing accounts active and monitor official communications as the two programs eventually merge under the Allegiant brand.
The airline industry faces real headwinds heading into the integration. Jet fuel costs have risen sharply, and smaller budget carriers are under pressure after rival Spirit Airlines collapsed. Allegiant CEO Anderson has said the combined model is built to protect margins by pulling capacity on low-demand days and concentrating flights when demand is strongest. That strategy should help the combined carrier navigate a volatile environment.
Frequently Asked Questions
What is Sun Country Airlines?
Sun Country Airlines is an ultra-low-cost airline based in Minneapolis, Minnesota. It operates scheduled and charter flights to destinations across the United States, Canada, Mexico, Central America, and the Caribbean. It also operates cargo flights for Amazon Air.
Who owns Sun Country Airlines now?
Allegiant Travel Company completed its acquisition of Sun Country Airlines on May 13, 2026. The deal was valued at about $1.5 billion, including debt. Sun Country now operates as a subsidiary of Allegiant Travel Company, though it continues to run under its own brand and booking systems during a transition period.
Was Sun Country Airlines ever publicly traded?
Yes. Sun Country went public on March 17, 2021, on the NASDAQ Global Select Market under the ticker SNCY. Its shares stopped trading on NASDAQ on May 13, 2026, when Allegiant completed its acquisition and Sun Country was taken private as part of the combined company.
Does Sun Country Airlines operate cargo flights?
Sun Country Airlines runs cargo flights under the Amazon Air brand. The cargo operation started in 2019 and added a meaningful revenue stream alongside passenger service. The combined Allegiant-Sun Country company has kept that cargo operation as part of its diversified business model.
References
- Allegiant Completes Acquisition of Sun Country Airlines — Allegiant Travel Company press release, May 13, 2026
- Sun Country Airlines Holdings, Inc. Announces Pricing of Initial Public Offering — Sun Country Airlines Investor Relations, March 16, 2021
- Allegiant CEO makes case for low-cost airline model as Sun Country acquisition closes — CNBC, May 13, 2026
- Allegiant and Sun Country Airlines Combine, Creating Leading, More Accessible Leisure Airline — Sun Country Airlines Investor Relations, January 2026
- About Apollo — Apollo Global Management