Viva Air Group announced an important milestone in its further growth and expansion plans through an equity capital injection of USD 50 million from Cartesian Capital Group into Viva Air’s Procurement subsidiary.
This innovative financing arrangement will support Viva’s pending deliveries of Airbus A320 aircraft and the Group’s continued growth in Colombia, Peru and beyond.
Cartesian Capital Group, a global private equity firm, has sponsored the development of dozens of transnational companies, including airlines such as Gol in Brazil and Flybondi in Argentina.
Irelandia Aviation, the world’s premier low-cost airline developer, will remain majority shareholder after the investment.
“The fact that an equity firm such as Cartesian selected Viva Air Group for investment confirms the huge progress we have made in recent years and the growth opportunities we have developed in the region and benefiting our growing passenger numbers year on year,” said Felix Antelo, President and CEO of Viva Air.
Viva Air is based in Colombia and Peru and operates national and international flights in more than 21 destinations. In 2019 the airline will carry 7.5 million passengers. Viva Air has a strong expansion plan supported by the order of 50 new aircraft Airbus A-320 CEO and NEO.
“We are delighted to have found a partner with the level of experience and caliber of Cartesian Capital Group, a globally known engaged investor, whom not only adds capital, but also brings knowledge and experience and it is a huge vote of confidence in our company and business,” said John Goode, Senior Partner of Irelandia Aviation.
“With a valuable orderbook of A320s and world-class management team, Viva Air will continue Irelandia’s demonstrated track record of democratizing air travel around the world. We are privileged to be their partner,” noted Peter Yu, Cartesian’s Managing Partner.
BofA Merrill Lynch acted as Viva Latinamerica’s exclusive financial advisor in connection with this transaction.