Founder and managing director of Titan Airways, Gene Wilson, has completed a management buyout of the UK charter carrier.
Wilson, who already held a majority shareholding in the Titan's parent company Hagondale, has acquired the remaining 22% stake in the company from long-time investor, private equity backer 3i.
"We are extremely pleased to achieve this milestone in such a significant year," says Wilson, as Titan this year marks its 25th anniversary. "3i have been a very supportive partner but completing the purchase of their shares provides us with full control of our long term development plans for the airline. The additional shareholding also gives us the flexibility for further business opportunities."
Based at London Stansted airport, Titan operates contract and ad hoc passenger and freight charters throughout Europe, North Africa and the Middle East as well as offering long or short-term wet or damp leases. Its fleet of 10 aircraft includes four Boeing 737s, two 757s and a 767. The airline recorded a profit of £7.6 million ($11.7 million) in 2012.