Flynn O'Driscoll were delighted to advise Air Investment Valencia S.L (‘AIV’) on its joint venture with Fortress Investment Group (‘Fortress’). The Strategic Alliance of Regional Airlines (SARA) will combine the activities of Fortress’ CityJet of Ireland and of AIV’s Air Nostrum of Spain to create Europe’s largest Regional Aviation platform. 

 

The new alliance is made up of 9 independent companies based in Ireland, Spain and Denmark; three airlines, an aircraft maintenance company, a crew training centre, and four other companies dedicated to providing services to the aviation industry.

 

AIV is an aircraft dry lessor and provider of fleet supply services to air operators. It is also active in the operation of air routes between Europe and Africa, mainly through charter flight and wet-lease services.

 

Fortress is a global investment management firm, which manages assets on behalf of institutional clients and private investors worldwide. 

 

The alliance has a combined fleet of 74 aircraft (45 aircraft in Air Nostrum, 26 in CityJet, and 3 in Hibernian Airlines) with all carriers continuing as independent entities, with their own brand and structures.

 

Carlos Bertomeu, CEO of Air Nostrum and the new president of SARA said, “SARA brings together specialised and independent companies, with a long history, which will result in stability to our employees, and excellent Regional Aviation services to our customers.” 

 

The Holding Group SARA expects to grow to 100 aircraft in the next three years.

 

The Flynn O’Driscoll team included James Duggan (Partner – Aviation/Asset Finance), Claire McDermott (Partner – Aviation/Asset Finance), Mark Roberts (Partner – Corporate), Matthew Bouah (Foreign Qualified Lawyer – Corporate), Lorraine O’Riordan (Associate – Aviation/Asset Finance), Stephanie Guidi (Associate – Aviation/Asset Finance), Daniela Martyna (Solicitor – Aviation/Asset Finance) and Mathilde Arnaud (Trainee Solicitor – Corporate).

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