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Avia Solutions Group

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Avia Solutions Group
Company typePrivate company
IndustryAviation, tourism
Founded2010[1]
HeadquartersDublin, Ireland
Key people
Gediminas Ziemelis (chairman of the board)
Jonas Janukenas (CEO and member of the board)
Revenue€2.263 billion (2023) [2]
€160 million (2023) [2]
Number of employees
11 000+ (2023)
RatingFitch Ratings – BB
S&P Global Ratings – BB-
Websitewww.aviasg.com

Avia Solutions Group is an ACMI (aircraft, crew, maintenance, and insurance) provider and holding company. Established in 2010 in Lithuania,[3] it moved its headquarters to Dublin, Ireland in 2023,[4] and has additional offices around the world.[5] As of January 2024, the company maintained a fleet of over 200 aircraft among the group's subsidiaries, with annual revenue of €2 billion.[6]

History

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The history of Avia Solutions Group began in 2005 when Lithuanian Airlines (LAL), the national airlines of Lithuania, was privatized. LAL investment management acquired 100% of the airline shares for 7.53 million Euro. The airline was re-branded as FlyLAL and several related companies were registered, including Baltic Ground Services (ground handling),[7] FL Technics (aviation maintenance, repair, and operations), and Bilietų Pardavimo Centras (travel agency). In 2005, FL Technics was founded.[8] The company opened its first hangar at Vilnius International Airport. In November 2006, Baltic Aviation Academy (now known as BAA Training) was founded, to provide professional training for aviation specialists.[9] In 2007, JetMS was founded under the name FL Technics Jets.[10] In 2007, Aviation Asset Management was founded (now known as AviaAM Leasing).[11][12] In 2008, a charter airline called Small Planet Airlines was founded.[13]

In 2010, the LAL companies were consolidated into Avia Solutions Group,[3] and the group was listed on the Warsaw Stock Exchange in 2011.[14][15] In November 2018 it was delisted from the WSE.[16][17] In 2021, the group received €300 million in financing from US-based investment management company Certares.[18] The company moved its headquarters from Lithuania to Cyprus, and then from Cyprus to Dublin in May 2023.[19][20] The company is Ireland's second largest aviation business after Ryanair.[18]

In 2024, Avia subsidiary Ascend Airways was granted an Air Operator Certificate. It proposes to fly out of London Gatwick and Southend in England.[21] In 2024, ASG announced plans to expand to the United States, partnering with Impact Investments, an investment firm headed by former US Secretary of State Mike Pompeo.[22] In addition to financial support, the firm will advise on further strategic development in the US.[22]

Business model

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Avia Solutions Group is a holding company with subsidiaries specializing in various aircraft related businesses, including aircraft maintenance; repair and overhaul (MRO); leasing and trading of aircraft; ground handling and fueling; aviation training; personnel resourcing; and business and corporate aviation, in addition to its primary function as an ACMI provider.[23] Among its notable subsidiaries are: SmartLynx Airlines, Avion Express, Magma Aviation and KlasJet. Some of its customers include: Lufthansa, Turkish Airlines, Wizzair, Ryanair and SAS.[24] The group also organizes humanitarian flights, airlifts, airdrops, search and rescue, evacuation and other aircraft leasing for the United Nations, world governments and other aid groups.[25] The company flies about 6 million passengers per year, and has over 12,000 employees located in 100 offices around the world.[23] As of March 2024, the company owns twelve AOC-certified airlines, with a plan to purchase seven more within the year.[26] Gediminas Žiemelis is the founder, chairman and majority owner of the company,[24] and Jonas Janukenas is the CEO.[23]

Notable subsidiaries

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As of 2022, Avia Solutions Group controls the following companies:

References

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  1. ^ "Avia Solutions Group – Founded". Registru centras. 12 August 2010. Retrieved 24 March 2015.
  2. ^ a b "Independent Auditor's Report" (PDF).
  3. ^ a b "VĮ Registrų centras". www.registrucentras.lt. Retrieved 31 March 2024.
  4. ^ "Pagrindinė „Avia Solutions Group" būstinė perkelta į Airiją". lrt.lt (in Lithuanian). 1 March 2023. Retrieved 31 March 2024.
  5. ^ "Avia Solutions Group now an Irish company". www.stattimes.com. 1 March 2023. Retrieved 31 March 2024.
  6. ^ "Dublin-based Avia Solutions Group has acquired Australian airline Skytrans". Irish Independent. 23 January 2024. Retrieved 31 March 2024.
  7. ^ "Competition Council of the Republic of Lithuania". 2 April 2015. Archived from the original on 2 April 2015. Retrieved 14 November 2019.
  8. ^ "FL Technics". Rekvizitai.lt. Retrieved 14 November 2019.
  9. ^ "BAA Training". Rekvizitai.lt. Retrieved 14 November 2019.
  10. ^ "Jet Maintenance Solutions". Rekvizitai.lt. Retrieved 14 November 2019.
  11. ^ ""Aviation Asset Management" planuoja plėtrą ir keičia pavadinimą". DELFI. Retrieved 14 November 2019.
  12. ^ ""Aviation assets management" perka lėktuvus už 83 mln. litų". tv3.lt. Retrieved 14 November 2019.
  13. ^ "Small Planet Airlines UAB". Rekvizitai.lt. Retrieved 14 November 2019.
  14. ^ Harry, Rachelle (4 August 2020). "Avia Solutions Group: A mathematical approach". Air Cargo News. Retrieved 31 March 2024.
  15. ^ "Avia solutions group appears on Warsaw Stock Exchange". balticaa.com. 23 July 2012.
  16. ^ "Warsaw Stock Exchange excluded from exchange trading on the GPW Main List of the shares of the Avia Solutions Group AB AVIA SOLUTIONS GROUP AB (LT0000128381)". GPW. 16 November 2018.
  17. ^ "Avia Solutions Group to issue USD 300 mln worth of bonds". Delfi EN (in Lithuanian). Retrieved 31 March 2024.
  18. ^ a b Hayhurst, Lee (5 May 2023). "Avia becomes Ireland's second-largest aviation business after Dublin HQ move". Aviation Business News. Retrieved 31 March 2024.
  19. ^ "Aviation services firm Avia Solutions moves HQ to Dublin". Irish Independent. 5 May 2023. Retrieved 31 March 2024.
  20. ^ "Aviation services company Avia Solutions moves headquarters to Dublin". www.businesspost.ie. Retrieved 31 March 2024.
  21. ^ a b "UK startup Ascend Airways commences revenue operations". 14 May 2024.
  22. ^ a b Lahiri, Indrabati (4 April 2024). "Dublin-based aviation investor Avia Solutions seeks to expand US base". EuroNews.
  23. ^ a b c O’Donovan, Brian (5 May 2023). "Aviation company Avia to create 50 jobs in Dublin". RTE.
  24. ^ a b "Dublin-based aircraft firm Avia to free up €1.5bn for reserves". Irish Independent. 9 August 2023. Retrieved 31 March 2024.
  25. ^ "Avia Solutions Group establishes HQ in Dublin". 5 May 2023. Retrieved 31 March 2024.
  26. ^ Kaminski-Morrow, David. "Australia's Skytrans to step up to Airbus jets after Avia Solutions acquisition". Flight Global. Retrieved 31 March 2024.
  27. ^ Kaminski-Morrow, David. "Avia Solutions guaranteeing job to cadet pilots under BAA training scheme". Flight Global.
  28. ^ "Avia Solutions acquires Chapman Freeborn". FreightWaves. 19 October 2019.
  29. ^ "Condensed Consolidated Interim Financial Information" (PDF). Avia Solutions. Retrieved 25 January 2024.
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