Aeroplan Revenue, Valuation, Funding & Investors

Aeroplan is valued at $7.1B as of August 2026, a 1.6x multiple on its last reported $4.5B revenue.

Last Aeroplan valuation

$7.1B

Secondary · Aug 2026

Aeroplan revenue

$4.5B

Secondary · Aug 2026

Key investors in Aeroplan

Aeroplan Overview

About Aeroplan

Aeroplan is a Canadian loyalty program that offers incentive schemes covering air travel and home improvement.


Founded

1984

HQ

CanadaMontreal

Status

Privately held

Customer focus

B2C

Revenue model

Services

Revenue

$4.5B (Aug 2026)

Valuation

$7.1B (Aug 2026)

Aeroplan Valuation

Aeroplan is currently valued at $7.1B, based on its secondary sale in August 2026.

The $1.8B round was led by Blackstone and La Caisse.

Aeroplan valuation by funding round

Aeroplan valuation by funding round
DateStageValuationRevenue Multiple
Aug 2026Secondary$7.1B1.6x

Aeroplan Revenue

Aeroplan's latest recorded revenue is $4.5B, as of its secondary sale in August 2026. At a $7.1B valuation, that implies a 1.6x revenue multiple.

Aeroplan revenue by funding round

Aeroplan revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Aug 2026$4.5B$7.1B1.6xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Aeroplan Funding History

Aeroplan has 1 recorded secondary share sale and no primary funding rounds.

Aeroplan funding rounds

Aeroplan funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2026SecondaryBlackstone (lead); La Caisse (lead)$1.8B$7.1BFunds managed by Blackstone and La Caisse, together with other Canadian institutional investors, are acquiring a 25% non-controlling equity interest in Aeroplan for $2.5 billion, valuing the program at $10 billion. Air Canada will retain 75% ownership and continue to control Aeroplan’s operations, strategic direction, and day-to-day management. Air Canada stated that the proceeds will be used primarily to repay its upcoming US$1.2 billion bond maturity, with most of the remaining cash directed toward accelerating share repurchases under its long-term strategic plan. The company also plans a substantial issuer bid of up to $800 million, funded by the Aeroplan transaction. Settlement is expected on August 17, 2026. Aeroplan is Air Canada’s loyalty program and has partnerships across the travel, financial, and commercial sectors. The investor group in the transaction also includes PSP Investments and British Columbia Investment Management Corporation. Air Canada retains the right to buy back the minority stake after a period of five to eight years from closing.

Who has invested in Aeroplan?

2 investors have backed Aeroplan across its funding rounds, including Blackstone and La Caisse.

Lead investors include Blackstone and La Caisse.


Aeroplan Investors

Investors in Aeroplan by funding rounds participated
InvestorHQRoundsRoleFirst check

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Aeroplan Competitors

Aeroplan competitors include listed companies like Talabat, Zillow, Swiggy and Etsy, and private ones like Zepto and Ziroom.

Public and private companies comparable to Aeroplan
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ZeptoIndiaMumbaiPrivate$1.2B-$7B5.9x
TalabatUAEUAEPublicly listed$1.7B$323M$7.3B1.5x
ZillowUnited StatesUnited StatesPublicly listed$2.6B$315M$6.8B2.3x
SwiggyIndiaIndiaPublicly listed$2.4B($322M)$7.6B2.4x
EtsyUnited StatesUnited StatesPublicly listed$2.9B$323M$6.6B3.0x
ZiroomChinaBeijingPrivate--$6.6B-

Aeroplan Public Comps

Aeroplan is still privately-owned, but its public comps include Talabat, Zillow, Swiggy, Etsy, BOSS Zhipin, carsales.com, CTS Eventim, Scout24, Lyft and Autotrader Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Talabat$1.7B$323M3.9x1.5x20.4x11.6x
Zillow$2.6B$315M2.6x2.3x21.2x9.4x
Swiggy$2.4B($322M)2.8x2.4x(20.6x)(23.7x)
Etsy$2.9B$323M3.0x3.0x26.6x10.6x
BOSS Zhipin$1.2B$493M2.8x2.6x7.1x5.7x
carsales.com$892M$475M8.3x8.2x15.6x14.7x
CTS Eventim$3.5B$622M1.4x1.3x7.9x7.1x
Scout24$748M$385M8.6x7.6x16.8x12.7x

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Common questions about Aeroplan

When was Aeroplan founded?Aeroplan was founded in 1984.
Where is Aeroplan headquartered?Aeroplan is headquartered in Montreal, Canada.
Is Aeroplan publicly listed?No, Aeroplan is a private, VC-backed company.
What is Aeroplan's valuation?Aeroplan was last valued at $7.1B in its secondary sale in August 2026.
Who are Aeroplan's investors?Aeroplan's investors include La Caisse and Blackstone.
What is Aeroplan's revenue?Aeroplan's latest recorded revenue is $4.5B (August 2026).
What is Aeroplan's revenue multiple?Aeroplan's latest valuation implies a 1.6x revenue multiple ($7.1B valuation on $4.5B of revenue).
Which companies are comparable to Aeroplan?Companies comparable to Aeroplan include Zepto, Talabat, Zillow, Swiggy, Etsy and Ziroom.

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