Albastar, a charter airline based in Palma de Mallorca, has successfully revitalised its business post-pandemic under the leadership of a new management team and is set to consolidate its position this year as a market leader in Southern Europe.
Since Sherpa Capital's entry in August 2022, the company has embarked on an ambitious plan to return to profitability, with forecasts of exceeding €100 million in turnover and achieving €17 million in EBITDA by 2024.
Given this outlook, the company is entering a new phase in which it aims to bring in a strategic partner to accelerate its ambitious growth plan. The objective is to double its size in the coming years, consolidating fleet expansion and entering new markets across Europe.
Market revitalisation
Following the effects of the pandemic, Sherpa Capital invested in Albastar in the summer of 2022 with the aim of supporting the implementation of a recovery process for its activities, revitalising business units, and optimising operations.
The industry faced several strategic challenges, such as supply chain issues with key manufacturers and a complex geopolitical landscape, but has since recovered to levels beyond those seen before the COVID-19 pandemic.
During this period, the management team, led by Oriol Hernández (CEO of Albastar), has focused on strengthening its operations in the Spanish market, consolidating its bases in Palma de Mallorca and Madrid, and reinforcing its focus on key business segments. This has helped reduce the seasonality of the business, establishing Albastar as a key partner for leading Spanish and international tour operators.
Additionally, to ensure the long-term sustainability of the business, an ambitious operational and risk mitigation plan has been implemented to address the challenges faced by a charter airline and solidify the company’s value.
Growth Outlook
Following this phase of strategic revitalisation and a favourable market environment, the process of finding a strategic partner has begun. This will enable Oriol Hernández and the rest of the management team to accelerate fleet expansion and enter new markets in the coming years.
The defined plan includes renewing and adding new aircraft to the fleet, with the ambition of doubling revenue within a 4 to 5-year period and consolidating the organisation as the leading charter airline in Southern Europe.
About ALBASTAR S.A:
Albastar, a member of IATA with IOSA certification, is a Spanish airline based in Palma de Mallorca. It was established in 2010 with the aim of providing charter air transport services in partnership with major European tour operators. Albastar is distinguished by its high-level service, technical-operational reliability, and commercial flexibility, making the company a strategic partner for its clients.
Albastar offers the market a functional and flexible business model, with domestic and international connections operated by a fleet of five Boeing 737-800NG aircraft, each with 189 single-class seats, all of which meet the strictest safety standards required by EASA.
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