Avia Solutions Group is a Lithuanian-owned[3] ACMI (aircraft, crew, maintenance, and insurance) provider and holding company. Established in 2010 in Vilnius,[4] it moved its headquarters to Dublin, Ireland in 2023,[5] and has additional offices around the world.[6] As of January 2024, the company maintained a fleet of over 200 aircraft among the group's subsidiaries, with annual revenue of €2 billion.[7]
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),[8]FL Technics (aviation maintenance, repair, and operations), and Bilietų Pardavimo Centras (travel agency). In 2005, FL Technics was founded.[9] 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.[10] In 2007, JetMS was founded under the name FL Technics Jets.[11] In 2007, Aviation Asset Management was founded (now known as AviaAM Leasing).[12][13] In 2008, a charter airline called Small Planet Airlines was founded.[14]
In 2010, the LAL companies were consolidated into Avia Solutions Group,[4] and the group was listed on the Warsaw Stock Exchange in 2011.[15][16] In November 2018 it was delisted from the WSE.[17][18] In 2021, the group received €300 million in financing from US-based investment management company Certares.[19] The company moved its headquarters from Lithuania to Cyprus, and then from Cyprus to Dublin in May 2023.[20][21] The company is Ireland's second largest aviation business after Ryanair.[19]
In 2024, Avia subsidiary Ascend Airways was granted an Air Operator Certificate. It proposes to fly out of London Gatwick and Southend in England.[22] In 2024, ASG announced plans to expand to the United States, partnering with Impact Investments, an investment firm headed by former US Secretary of StateMike Pompeo.[23] In addition to financial support, the firm will advise on further strategic development in the US.[23]
On November 12 2024, Avia ordered 40 Boeing 737 Max 8 aircraft for delivery to its various ACMI airlines from 2030, with an option for an additional 40. Distribution amongst the groups subsidiary airlines is yet to be confirmed.[24]
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.[25] 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.[26] 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.[27] The company flies about 6 million passengers per year, and has over 12,000 employees located in 100 offices around the world.[25] As of March 2024, the company owns twelve AOC-certified airlines, with a plan to purchase seven more within the year.[28]Gediminas Žiemelis is the founder, chairman and majority owner of the company,[26] and Jonas Janukenas is the CEO.[25]
Subsidiaries
As of 2024, Avia Solutions Group controls the following companies under the following business areas:[29]
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