Avia Solutions Group
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![]() Avia Solutions Group's service center in Vilnius | |
Company type | Private company |
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Industry | Aviation, tourism |
Founded | 2010[1] |
Headquarters | Dublin, 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) |
Rating | Fitch Ratings – BB S&P Global Ratings – BB- |
Website | www |
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
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
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 11,000 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
As of 2022, Avia Solutions Group controls the following companies:
- AeroTime Hub
- Ascend Airways[21]
- AviaAM Leasing
- Avion Express
- BAA Training, BGS[27]
- Bluebird Nordic
- Chapman Freeborn[28]
- FL Technics
- JETMS
- KlasJet
- Magma Aviation
- SmartLynx Airlines
- Storm Aviation.[29]
References
- ^ "Avia Solutions Group – Founded". Registru centras. 12 August 2010. Retrieved 24 March 2015.
- ^ a b "Independent Auditor's Report" (PDF).
- ^ a b "VĮ Registrų centras". www.registrucentras.lt. Retrieved 31 March 2024.
- ^ "Pagrindinė „Avia Solutions Group" būstinė perkelta į Airiją". lrt.lt (in Lithuanian). 1 March 2023. Retrieved 31 March 2024.
- ^ "Avia Solutions Group now an Irish company". www.stattimes.com. 1 March 2023. Retrieved 31 March 2024.
- ^ "Dublin-based Avia Solutions Group has acquired Australian airline Skytrans". Irish Independent. 23 January 2024. Retrieved 31 March 2024.
- ^ "Competition Council of the Republic of Lithuania". 2 April 2015. Archived from the original on 2 April 2015. Retrieved 14 November 2019.
- ^ "FL Technics". Rekvizitai.lt. Retrieved 14 November 2019.
- ^ "BAA Training". Rekvizitai.lt. Retrieved 14 November 2019.
- ^ "Jet Maintenance Solutions". Rekvizitai.lt. Retrieved 14 November 2019.
- ^ ""Aviation Asset Management" planuoja plėtrą ir keičia pavadinimą". DELFI. Retrieved 14 November 2019.
- ^ ""Aviation assets management" perka lėktuvus už 83 mln. litų". tv3.lt. Retrieved 14 November 2019.
- ^ "Small Planet Airlines UAB". Rekvizitai.lt. Retrieved 14 November 2019.
- ^ Harry, Rachelle (4 August 2020). "Avia Solutions Group: A mathematical approach". Air Cargo News. Retrieved 31 March 2024.
- ^ "Avia solutions group appears on Warsaw Stock Exchange". balticaa.com. 23 July 2012.
- ^ "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.
- ^ "Avia Solutions Group to issue USD 300 mln worth of bonds". Delfi EN (in Lithuanian). Retrieved 31 March 2024.
- ^ 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.
- ^ "Aviation services firm Avia Solutions moves HQ to Dublin". Irish Independent. 5 May 2023. Retrieved 31 March 2024.
- ^ "Aviation services company Avia Solutions moves headquarters to Dublin". www.businesspost.ie. Retrieved 31 March 2024.
- ^ a b "UK startup Ascend Airways commences revenue operations". 14 May 2024.
- ^ a b Lahiri, Indrabati (4 April 2024). "Dublin-based aviation investor Avia Solutions seeks to expand US base". EuroNews.
- ^ a b c O’Donovan, Brian (5 May 2023). "Aviation company Avia to create 50 jobs in Dublin". RTE.
- ^ a b "Dublin-based aircraft firm Avia to free up €1.5bn for reserves". Irish Independent. 9 August 2023. Retrieved 31 March 2024.
- ^ "Avia Solutions Group establishes HQ in Dublin". 5 May 2023. Retrieved 31 March 2024.
- ^ Kaminski-Morrow, David. "Australia's Skytrans to step up to Airbus jets after Avia Solutions acquisition". Flight Global. Retrieved 31 March 2024.
- ^ Kaminski-Morrow, David. "Avia Solutions guaranteeing job to cadet pilots under BAA training scheme". Flight Global.
- ^ "Avia Solutions acquires Chapman Freeborn". FreightWaves. 19 October 2019.
- ^ "Condensed Consolidated Interim Financial Information" (PDF). Avia Solutions. Retrieved 25 January 2024.