Small Planet Airlines Acquired by Current Management
OREANDA-NEWS. Small Planet Airlines, an independent charter airline company, announced a buyout of the 99,5% of „Small Planet Airlines UAB“ (Lithuania) and „Small Planet Airlines Sp. z o. o.“ (Poland) shares from Avia Solutions Group. Following the transaction, Small Planet Airlines will be owned by Vytautas Kaikaris and Andrius Staniulis, current management of the company.
Following closing, Vytautas Kaikaris, the CEO of Small Planet Airlines will own 70% of company shares, and the 30% shall belong to Andrius Staniulis, Chief Quality Officer of the company and member of the board of „Small Planet Airlines Sp. z o. o. Until the buyout Mr Kaikaris owned 4,5% of Small Planet Airlines shares. During the transaction, the management team of Small Planet Airlines was advised by legal firm Raidla Lejins & Norcous.
„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“, says Mr Kaikaris, the CEO of Small Planer Airlines.
Small Planet Airlines plans to expand their fleet up to nine aircrafts during this summer, three of which would serve the Polish charter market and six spread evenly among the UK, France and Lithuania.
All liabilities to the partners and clients shall remain unchanged and all flights will operate as scheduled.
The total revenue of the Lithuanian and Polish companies operating under the brand Small Planet Airlines in 2012 has reached 94,4 million euros, what represent a 58,7% growth, compared to the 2011. Small Planet Airlines sp z. o. o. revenues in Poland totaled to 36,7 million euros - 75% higher than in the previous year. In Lithuania, UAB Small Planet Airlines revenues reached 57,7 million euros in Lithuania with 50% percent increase compared to 2011. The average passenger load factor at Small Planet Airlines in 2012 has been 87%.
The Italian franchise „Small Planet Airlines S.r.l“ will retain the current shareholding structure 60% of its shares controlled by Italian company S.G.S.T., 35,5% Avia Solutions Group and 4,5% Mr. Kaikaris.
Small Planet Airlines key markets include Poland, Great Britain, Italy, France and Lithuania. Small Planet Airlines works with the major tour operators to bring holiday travellers to Greece, Spain, Turkey, Egypt and other sunny destinations. The company also charters flights for the government, sport teams and private customers.