Avia Solutions Group sold Small Planet Airlines

'The ownership in Small Planet Airlines was part of its long-term plan to support the geographical developments of the Group. For instance, the carrier has aided the development of Baltic Ground Services through its entrance in the Polish and Italian markets. Since Avia Solutions Group finished the main stage of strengthening its presence in new markets, we felt that it was the right time to focus on the further development of our core activities in the MRO, ground handling and aviation training segments. As early as this October FL Technics is set to open the door of its 8000 sq.m. technical maintenance centre in Kaunas. The company is currently also working on a large project involving the construction of spacious maintenance hangars in Ulyanovsk (Russia),' comments Linas Dovydenas, the CEO of Avia Solutions Group.

The agreement comes as the final step in the Group's strategic plan to minimize its presence in the charter flight market while focusing on other aviation segments. In 2011, Avia Solutions Group sold its shares in Small Planet Airlines AS (Estonia). In early 2012, the Group cut its stake in Small Planet Airlines S.r.l. (Italy) to 35%. Following the sale of Small Planet Airlines UAB (Lithuania) and Small Planet Airlines Sp. z. o. o. (Poland), the Group will no longer control a stake in any charter carrier.

'During the past four years the carrier's management performed well. Despite market volatility in Europe and neighbouring regions, Small Planet Airlines became the largest charter carrier in the Baltic States and one of the leading charter airlines in Eastern Europe. We are confident that the management buyout will bring a breath of fresh air and new energy to the company, setting the foundations for further, even higher achievements,' commented Linas Dovydenas.