Tuesday, April 2, 2013
Avia Solutions Sells Small Planet Airlines
Lithuania-based Avia Solutions Group has sold its 95 percent stake in charter carrier Small Planet Airlines UAB (Lithuania) and Small Planet Airlines Sp. (Poland) to an investment group led by the carrier’s management team.
The move will allow the group to focus on its other aviation segments, including aircraft maintenance, ground handling and aviation training.
Vytautas Kaikaris, CEO of Small Planet Airlines, will take over a 70 percent stake in the company’s shares and Chief Quality Officer Andrius Staniulis will control the remaining 30 percent of Small Planet’s Lithuanian and Polish subsidiaries. The airline also operates Small Planet Airlines S.R.L., its Italian subsidiary, which will keep its current share structure in place.
In 2012, the charter carrier's Lithuanian and Polish arms achieved combined revenue of $120.6 million, a 58 percent increase over its 2011 revenue. More