Aloha Inc. agreed to a leveraged buyout offer.

A group led by Aloha Chairman Hung Wo Ching and Vice Chairman Sheridan C. F. Ing agreed to pay $28.50 a share for the 40-year-old Honolulu-based airline, which shuttles passengers and cargo among the Hawaiian islands. The Ching and Ing group, which controls 40% of Aloha’s 2 million shares, has acquired an option to buy an additional 21% of Aloha shares from CNS Partners at $27.50 each. The total value of the deal is about $56.5 million.