|Headquarters||New York, London|
|Number of locations||25|
|Area served||North America, South America, Europe, Asia, Middle East|
|Key people||George Logothetis
(chairman and CEO)
(executive vice chairman)
(chief financial officer)
(Head of Americas)
(group general counsel)
The Libra Group, aka Libra Holdings, is an international conglomerate operating subsidiaries in a variety of industries, including shipping, aviation leasing, real estate, renewable energy, and hotels and hospitality services. The company was established by the Logothetis family in 1976 as a shipping company under the name of Lomar Shipping. In 2003 it became the Libra Group, and in the mid-2000s expanded into diverse industries. George Logothetis is the company's chief executive officer and chairman of the board. The company is privately owned by the Logothetis family.
- 1 Operations
- 2 Industry sectors and subsidiaries
- 3 History
- 4 Corporate affairs
- 5 References
- 6 External links
The Libra Group's headquarters are located in London and New York. The company also operates 25 additional offices worldwide, including locations in Miami, Beijing, Buenos Aires, and Athens, Greece.
As of 2013, the Libra Group owns and operates 30 subsidiary companies. The major subsidiaries operate in five separate industries: shipping, aviation leasing, hotels and hospitality services, renewable energy, and real estate. The Libra Group also owns subsidiary companies that fall outside of these areas of operation, which the company refers to as "diversified investments". These diversified subsidiaries include an equity brokerage firm and a Los Angeles media and entertainment company, among others. Several of Libra Group's subsidiaries are holding companies, which are responsible for the management and oversight of subsidiaries within a specific geographic region. Holding companies operated by the Libra Group include FSA Group, First Mediterranean Investments, and First Oriental Investments. The Libra Group also operates the holding company Libra Services, which oversees two companies, Libra Capital and Libra Group Services, providing investment management and legal, accounting, marketing, and administrative services to other Libra Group subsidiaries.
Industry sectors and subsidiaries
Lomar Shipping, the original predecessor to the Libra Group, is the company's shipping subsidiary. Lomar sold its fleet of ships in the mid-2000s. In 2009 Lomar purchased a new fleet and returned to the shipping sector. As of 2013, Lomar operates a fleet of nearly 60 ships, including bulk carriers, reefer ships, container ships, bulk carriers, offshore vessels, liquefied petroleum gas tankers, chemical tankers, platform supply vessels, anchor handling tug supply vessels, and products tankers.
Lease Corporation International (LCI), the Libra Group's aircraft leasing subsidiary, was founded in 2004. The subsidiary leases fixed-wing aircraft to airlines in Europe and Asia, including Singapore Airlines, British Airways, Virgin Atlantic, Oman Air, and Hong Kong Express Airways. After selling its fleet of aircraft in 2007, LCI purchased new aircraft in 2009. In 2012, LCI expanded into helicopter leasing. Helicopters leased by LCI are used by offshore oil operations, and for search and rescue as well as emergency medical services. LCI offices are located in Ireland, the United Kingdom, and Singapore.
Hotels and hospitality
The Libra Group operates several hotel subsidiaries, which operate luxury hotels worldwide. The company owns Grace Hotels, an international luxury hotel chain that began in Greece. The hotel chain's first location, Mykonos Grace, received the highest award at the 2007 European Hotel Design Awards. Other hotel companies owned by the Libra Group include US Hotels, Aria Hotels, and FSA Group, whose operations include hotels across South America.
The Libra Group owns two renewable energy subsidiaries. EuroEnergy, based in Greece, operates solar, wind and biogas energy plants. Greenwood Energy, based in the U.S., develops and produces renewable fuels including biofuels and fuel pellets, and provides fuel cell energy and combined fuel-cell heat and power plants, for utilities and for industrial customers including hotels, university campuses, and other public buildings. Greenwood also has a solar-power engineering, procurement, and construction division.
The Libra Group's real estate subsidiaries are involved in the development and management of residential, retail, commercial, and hospitality properties worldwide. The company also operates several real estate brokerages, including Singapore Residential and FSA Group’s Belgravia Properties. The company also owns First Oriental, which is involved in real estate development in Southeast Asia through its subsidiaries First Oriental Thailand and First Oriental Singapore. In Greece, the Libra Group owns a Sotheby's International Realty office, a luxury real estate brokerage. Other real estate subsidiaries include FCA Group, Mayfair Investments, Mayfair Land and Development, and Palmerston Real Estate.
In total Libra Group owns 30 subsidiaries, and operates from more than 20 offices across four continents. Its diversified companies include Principal Media, a film and television company based in Los Angeles, and the investment companies Aamina and Peninsula Group.
The Libra Group's predecessor company, Lomar Shipping, was founded by Michael Logothetis in 1976. Michael Logothetis's son George Logothetis joined Lomar Shipping in 1993, and in 1995 he became the shipping company's chief executive officer. Under George's leadership, the company expanded its fleet from fewer than five ships to approximately 70 by the early 2000s.
Libra Group and diversification
In 2003, George Logothetis became the founding chairman and chief executive officer of the Libra Group. At the time of the company's formation, international shipping remained its chief area of operations. In the mid-2000s the Libra Group sold its shipping fleet. It used funds from the sale to expand the company into an international conglomerate with operations in real estate, hotels, energy, and aircraft leasing, reassigning its existing personnel accordingly.
In 2009, the Libra Group's subsidiary Lomar purchased a new fleet of ships, and the conglomerate re-entered the shipping industry. Also in 2009, the Libra Group re-entered the aircraft leasing market when LCI purchased a new fleet of aircraft. In 2012, LCI expanded operations to include helicopter leasing as well.
The Libra Group is privately owned by the Logothetis family, whose members fill several key roles in the organization. George Logothetis is the company's chief executive officer and chairman of the board. Constantine Logothetis is the executive vice chairman of the Libra Group. The company's chief operating officer is Adamantios Tomazos, who has a background in international banking involving shipping finance. Tomazos is also a founding director of Lease Corporation International, the international commercial aircraft leasing subsidiary of the Libra Group. Nicholas Logothetis is a member of the board of directors. Former United States ambassador John Negroponte is a director of Libra Group and an advisor to the board. Leon Logothetis runs the company’s Los Angeles–based film company Principal Media. Camilo Patrignani is Head of Americas at Libra Group, overseeing the strategic direction of the company's interests in North, South, and Central America.
The Libra Group is involved in several education and mentorship projects. In partnership with the American College of Greece and the Greek America Foundation, the company established an internship program in 2011 to facilitate study abroad and work-experience programs for Greek and Greek-American students. In 2012, the Libra Group pledged €5 million to create the Hellenic Initiative's Hellenic Entrepreneurship Award, which provides mentorship and funding to Greek entrepreneurs.
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- "Company Overview of Libra Holdings Ltd." Bloomberg Businessweek.
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- Srimalee, Somluck. "First Oriental enters Bangkok property". The Nation. November 16, 2007.
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- Papapostolou, Anastasios. "Hellenic Initiative Launches Entrepreneurship Award with €5M Commitment". Greek Reporter. November 28, 2012.
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- Logothetis, George. "The best advice I ever got". CNN Money. October 25, 2012.
- Papapostolou, Anastasios. "10 Greeks of Diaspora that Left Their Mark in 2011". Greek Reporter. December 31, 2011.
- Cameron, Doug. "Libra Considers More Helicopters As Shipping Suffers Crisis". Dow Jones Newswires. February 16, 2012.
- "Adamantios Tomazos – Executive Profile". Bloomberg Businessweek.
- "John D. Negroponte – Executive Profile". Bloomberg Businessweek.
- "Camilo Patrignani – Executive Profile". Bloomberg Businessweek.
- "Global Responsibility". Libra.com. Libra Group.
- "Education Programmes". Libra.com. Libra Group.