3-Apr-2013 9:31 AM

Small Planet Airlines acquired by current management from Avia Solutions Group

Small Planet Airlines announced (02-Apr-2013) management bought out 99.5% of Small Planet Airlines Lithuania and Small Planet Airlines Poland from Avia Solutions Group. The airline will now be 70% owned by Small Planet Airlines CEO Vytautas Kaikaris and 30% by Small Planet Airlines chief quality officer and board member Andrius Staniulis. Prior to the buyout Mr Kaikaris owned 4.5% of the airline's shares. Mr Kaikaris said, "The decision for the buyout of Small Planet Airlines corresponds with ambitious growth strategy chosen by the management of the company, which foresees further expansion in major European markets. This strategy has already granted us positive results in Poland where we finished the 2012 year profitably. Positive Q1 results in Lithuania also indicate we are on the way to become profitable in the Lithuanian market as well." The airline plans to expand its fleet to up to nine aircraft in summer 2013, with three to serve the Polish charter market and six to operate across the UK, France and Lithuania. All liabilities to the partners and clients shall remain unchanged and all flights will operate as scheduled. Italian franchise Small Planet Airlines Italy will retain its current shareholding structure of 60% of its shares being controlled by Italian company SGST, 35.5% by Avia Solutions Group and 4.5% by Mr Kaikaris. [more - original PR - Small Planet Airlines] [more - original PR - Avia Solutions Group]

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More