In 2007, the company carried 2.2 million passengers, one year later about 2.3 million passengers. In 2014, it carried 4.3 million passengers, about 1.2 of them on regular flights under the brand name SmartWings.
On 18 September 2007, the Icelandair Group acquired 50% stake in the carrier and purchased further shares to bring its holding to 80% by April 2008. In December 2008 it reduced its holding to 66% by selling shares to the other shareholders, Unimex. In 2009 their stake was further diluted to 50.1% through a new share issue, and they also sold a portion of their stake to fellow owners reducing their holding to 30% In 2009 Icelandair spun its 30% stake in Travel Service into a new company, that was the taken over by Icelandair's creditors.