Small Planet Airlines, an independent charter company, announced a buyout of 99.5% of Small Planet Airlines UAB (Lithuania) and Small Planet Airlines Sp. Z o.o. (Poland) shares from Lithuania-based Avia Solutions Group.

After the deal is closed, the carrier will be owned by its current managers. Small Planet Airlines CEO Vytautas Kaikaris will increase ownership from 4.5% to 70%; chief quality officer Andrius Staniulis and board member will own 30% of the shares.

Key markets include Poland, UK, Italy, France and Lithuania from where the carrier transports passengers to Greece, Spain, Turkey and Egypt.  

The two airlines operate eight aircraft, comprising five Boeing 737s and three Airbus A320s. Small Planet Airlines plans to expand its fleet to nine aircraft this summer. Three aircraft will fly from Poland and six aircraft will fly to the UK, France and Lithuania.

For 2012, Small Planet Airlines reported revenue of €94.4 million ($121 million), up 58.7% year-over-year. The Polish carrier’s revenue reached €36.7 million, a 75% increase from 2011. The Lithuanian subdivision revenue totaled €57.7 million, up 50% from the year-ago period.

The Italian franchise Small Planet Airlines will retain its current shareholding structure, which is 60%-owned by Italian company S.G.S.T., 35.5%-owned by Avia Solutions Group and 4.5%-owned by Kaikaris.