The Viva Air Group and Cartesian Capital Group have announced Cartesian’s capital investment of $50 million to contribute to the growth and internationalization of the airline in Colombia, Peru and more destinations.
“The fact that a private global capital firm such as Cartesian has selected the Viva Air Group confirms the immense progress we have made in recent years and the possibilities for growth developed in the region with the increase in passengers year after year.” said Felix Antelo, President and CEO of Viva Air.
- The $50 Million USD investment will be directed towards Viva Air’s growth and internationalization efforts.
- Irelandia Aviation will remain majority shareholder of Viva Air
- Private equity firm Cartesian Capital Group has invested in approximately 50 companies, including airlines such as Gol in Brazil, and Flybondi in Argentina, and has an investment portfolio value estimated at $3 billion USD.
- Viva Air has 50 new Airbus A320 aircraft on order
Viva Air is an airline based in Colombia and Peru, which operates national and international flights to approximately 21 destinations. In 2019, the low-cost airline expects to transport 7.5 million passengers and has a broad expansion plan supported by the incorporation of 50 new Airbus A320 CEO and NEO aircraft.
“We are delighted to have found a partner with the level and caliber of Cartesian Capital Group, a committed investor known worldwide, who can not only provide capital, but knowledge and experience. Also, this alliance is a great vote of confidence in our company and business model,” said John Goode, Senior Partner of Irelandia Aviation.
“With a valuable order on the way of A320 aircraft and a world-class management team, Viva Air will be another of Irelandia Aviation’s successful experiences of democratizing travel around the world. We are privileged to be your allies,” said Peter Yu, Managing Partner of the Cartesian Capital Group. BofA Merrill Lynch acted as exclusive financial advisor to Viva Latinoamérica S.A. in relation to this transaction.