Home » Bulgaria’s Electra Airways, ETG Maintenance co-found aviation business group

Bulgaria’s Electra Airways, ETG Maintenance co-found aviation business group

February 24 (SeeNews) – Bulgarian aviation sector companies Electra Airways and ETG Maintenance pooled resources with businesses rooted in Israel, Malta and Ireland to establish Tel Aviv-based Vector Group in a bid to unlock mutual synergies for European growth, the group said.

Sofia-based Electra Airways, specialising in charter flights, wet and damp leasing, along with Varna-based ETG, which is a maintenance, repair and overhaul (MRO) services provider, have teamed up with charter broker Classic Air, headquartered in Israel and Malta, as well as Irish aircraft leasing company Maverick Horizon, Vector Group said in a press release published on social media on Thursday.

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The new entity secured an unspecified strategic investment from Aurum Group, an Israeli family office and the investment vehicle of Israeli billionaire Morris Kahn.

“Vector Group is a vertically integrated group, and the reason for the strategic decision behind the integration is to build a strong aviation business structure in Europe, whose companies benefit from the synergetic effect of the different capabilities,” Effi Grunwald, CEO of Vector Group and Classic Air, said.

Founded in 2016, Electra Airways provides services to tour operators, airlines and industry brokers, with a fleet of four Airbus and one Boeing aircraft, its website shows. It works with Trade Air, Nova Air, Ellinair and Bulgaria Air, and its partners include Maverick Horizon and US-based Aviator Capital.

ETG carries out maintenance for Airbus A320 CEO and Boeing 737 Classic/NG aircraft and has two line stations in Sofia and Burgas, in addition to its main base and hangar in Varna.

Source : See News