Volotea, the airline of European mid- and small-sized cities, has completed the process of strengthening its shareholder base, adding five new preeminent investors to help enhance the company’s business strategy and continued growth.
According to an announcement, five different private equity firms and family offices based in the United States – including Elysium LLC and HRS Management – and Europe -including Meridia Capital, Rijn Capital and Rocinante- are joining Axis Participaciones Empresariales as equity investors in Volotea.
Volotea’s founder and chief executive officer Carlos Muñoz, as well as its core management team, are increasing their investment in the company, reaffirming a strong commitment to the airline’s long-term growth.
The new shareholders replace CCMP and Corpfin, who played a key role in launching Volotea in 2011 and supported the expansion of the airline’s network, which now extends to 78 cities. The new investor group will back the continued growth and expansion of Volotea, which has been self-financing since 2014.
“We have reached a significant milestone in Volotea’s young life. We are excited to bring in new strong, prestigious and long-term shareholders to help fund the company’s strategy and huge growth potential, as it seeks to further connect all of Europe’s mid-and small-sized cities,” Carlos Muñoz said.
Volotea was advised by Morgan Stanley and Pérez-Llorca in this transaction.
The airline has carried 15 million passengers since its first flight in 2012, and over 4.8 million in 2017 alone.
In 2018, Volotea has opened 58 new routes to serve a lineup of 293 routes, operating flights to 78 mid- and small-sized European cities in 13 countries: France, Italy, Spain, Germany, Greece, Croatia, Czech Republic, Albania, Portugal, Malta, Austria, Ireland and Luxembourg. The airline expects to carry between 5.7 and 6 million passengers in 2018.
Volotea currently operates from twelve bases: Venice, Nantes, Bordeaux, Palermo, Strasbourg, Asturias, Verona, Toulouse, Genoa, Bilbao, Marseille and Athens.