CPE News (2.27.2023) – Plusgrade, a portfolio company of Novacap and CDQP, has announced that Calin Rovinescu has joined the company’s board of directors and become an investor.
Rovinescu is the former President and CEO of Air Canada, having served in the role from April 2009 until his retirement in February 2021. Rovinescu was previously co-founder and Principal of Genuity Capital Markets, Managing Partner of Stikeman Elliott in Montreal. Rovinescu currently serves as a board member for BCE Inc. and Bank of Nova Scotia, a senior advisor to Brookfield Asset Management and Teneo.
Rovinescu holds Bachelor of Laws degrees from the Université de Montréal and the University of Ottawa. Rovinescu is a member of the Order of Canada and was inducted into the Canadian Business Hall of Fame in 2021.
Led by founder & CEO Ken Harris, Montreal based Plusgrade powers the global travel industry with its portfolio of leading ancillary revenue solutions with over 200 airline, hospitality, cruise, passenger rail, and financial services companies using its service and solutions.
In 2018, CDPQ made a $200 million investment in Plusgrade, acquiring a minority stake from TA Associates which remained as the majority shareholder.
In 2021, Novacap acquired a substantial equity interest in Plusgrade from TA Associates with CDPQ, Harris and other shareholders remaining major investors in Plusgrade.
photo credit: Bank of Nova Scotia
Calin Rovinescu Joins Plusgrade Board and Invests in Company’s Growth
MONTREAL, Feb. 27th, 2023 /CNW/ – Plusgrade, the leading provider of ancillary revenue solutions for the global travel industry, today announced that Calin Rovinescu has joined the Company’s Board of Directors and become an investor.
Calin Rovinescu is the former President and CEO of Air Canada, having served in the role from April 2009 until his retirement in February 2021. During that time he was twice recognized as Canada’s Outstanding CEO of the Year, and Air Canada was honoured as the Best Airline in North America by Skytrax in eight out of ten years. From 2012 to 2016, Rovinescu was elected chairman of the Star Alliance Chief Executive Board, the controlling body of Star Alliance, the world’s largest global airline alliance. He also served as Chairman of the Board of Governors of IATA from 2015 to 2016, in addition to being a member of its Board for over a decade. This extensive and unmatched experience in the travel industry will be pivotal for Plusgrade’s growth and continued success.
Calin Rovinescu currently serves as a board member for BCE Inc., Canada’s largest telecom and media company, as well as the Bank of Nova Scotia, Canada’s third largest bank.
“We are thrilled and humbled to welcome Calin as an investor and board member,” said Plusgrade Founder and CEO Ken Harris. “Calin’s experience as a world-class CEO, accomplished operator, and industry icon will be invaluable to our group as we continue to expand our presence in the travel industry and become the global ancillary revenue powerhouse.”
“The impact to-date and future potential of ancillary revenue across travel, hospitality and beyond is tremendous. Plusgrade is a unique leader in this space and very well-positioned to capitalize on these opportunities,” Calin Rovinescu said. “I look forward to working with Ken, the Board of Directors, and the Plusgrade team to build on the Company’s success.”
Plusgrade powers the global travel industry with its portfolio of leading ancillary revenue solutions. Over 200 airline, hospitality, cruise, passenger rail, and financial services companies trust Plusgrade to create new, meaningful revenue streams through incredible customer experiences. As an ancillary revenue powerhouse, Plusgrade has generated billions of dollars in new revenue opportunities across its platform for its partners, while creating enhanced travel experiences for millions of their passengers and guests. Plusgrade was founded in 2009 with headquarters in Montreal and has offices around the world.
For further information: Carrie Mumford, Director, Brand & Communications, Plusgrade, firstname.lastname@example.org