The airline was established in 2003, from the remains of the defunct Air Holland, taking over its fleet of Boeing 767s.

It was formerly legally known as ATR Leasing VI and was established as a subsidiary of the Dutch holding company ExelAviation Group.

Two sister airlines were set up; BelgiumExel in Belgium to operate long-haul flights on behalf of Thomas Cook, and DutchCaribbeanExel in the Dutch Antilles for scheduled flights to Amsterdam.

It had been operating under bankruptcy protection together with the entire ExelAviation Group since January 2005.

While EAG had gone bankrupt, HollandExel was purchased by TUI which renamed it Arkefly, making it the Dutch inhouse charter airline for Arke, Holland International and Kras Vakanties.