Five equity investors have taken stakes in Spanish LCC Volotea, replacing founding shareholders CCMP and Corpfin.

“The new investor group will back the continued growth and expansion of Volotea, which has been self-financing since 2014,” Volotea said.

Volotea did not give an ownership breakdown, but named the new investors as US-based companies Elysium LLC and HRS Management, as well as European entities Meridia Capital, Rijn Capital and Rocinante.

They replace CCMP and Corpfin, which Volotea said played a key role in the airline’s 2011 launch and subsequent expansion.

“Today we have reached a significant milestone in Volotea’s young life,” Volotea founder and CEO Carlos Muñoz, describing the investors as “strong, prestigious and long-term” shareholders.

Additionally, Muñoz has increased his stake, along with other members of the Volotea management team.

Existing shareholder Axis Participaciones Empresariales will continue with its shareholding.

Barcelona-based Volotea, which carried over 4.8 million passengers in 2017, specializes in serving small- and mid-sized cities.

“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 said.

This year, Volotea will operate a fleet of 32 Airbus A319s and Boeing 717s.

Victoria Moores