Portuguese wet-lease specialist EuroAtlantic Airways has secured a commitment for additional funding from its controlling shareholder, Njord I-Jet, as it looks to expand its fleet under a new management team.

Njord I-Jet’s commitment illustrates its “confidence” in the “positive outlook” for the business, says the Lisbon-based carrier. The quantity of investment has not been disclosed.

The investor acquired EuroAtlantic towards the end of 2019.

EuroAtlantic has five Boeing aircraft, it says, and is looking to increase the fleet to meet demand. The airline has been operating 777-200ERs and 767-300ERs.

EuroAtlantic 777-c-EuroAtlantic Airways

Source: EuroAtlantic Airways

EuroAtlantic operates Boeing models including the 777

Expanding the fleet and optimising performance will be the focus of a newly-appointed management team which includes chief executive Stewart Higginson – an operating partner at Njord Partners, which owns Njord I-Jet.

Higginson is a specialist in the corporate turnaround and restructuring sector, and has overseen companies in several sectors.

“I look forward to working with the new board to drive the next phase of EuroAtlantic’s growth and deliver a world-class [wet-lease] and charter solutions business,” he says.

EuroAtlantic says the management team includes chief pilot Mario Alvim, chief operations officer Lourenco Gomes, and accountable manager Joao Nunes.

Njord Partners co-founder Jakob Kjellberg says the company is “well capitalised” and that he is “excited about the future prospects” under its new leadership.