Avia Solutions Group, a global multipurpose aviation holding, has entered into an agreement to acquire 100% of the shareholding in UK-headquartered Chapman Freeborn Group, aircraft charter company. The acquisition agreement was signed on June 14, 2019. The forecasted revenue of the new group is expected to reach €1 billion in 2019.

The consolidated revenues of the two entities were €800 million for 2018 and are forecasted to reach €1 billion in 2019. With the addition of Chapman Freeborn’s businesses, the number of businesses of Avia Solutions Group is to grow from 42 to 66. The group’s current 42 subsidiaries are engaged in aircraft maintenance, pilot training, ground handling and fuelling, aviation IT solutions, and business aviation.

Chapman Freeborn will maintain its existing product portfolio and continue to operate under Avia Solutions Group’s existing brands, including subsidiaries Chapman Freeborn Airchartering, Chapman Freeborn OBC, Intradco Cargo Services, Logik Logistics, Magma Aviation, and Wings 24.

“This acquisition is part of our strategic plan to expand our presence in key sectors, and significantly strengthens the capabilities of our group,” Gediminas Ziemelis, Chairman of the Board at Avia Solutions Group is quoted in a statement as saying. “Chapman Freeborn’s client portfolio and its outstanding level of expertise will greatly support our ambition to be the world’s leading aviation services provider”.

The transaction is expected to be closed in Q3 2019. The acquisition is subject to customary approvals. Financial terms are not disclosed.