Viva Air Group has received equity investment of $50 million from private equity firm Cartesian Capital Group.
The financing arrangement will support Viva’s pending deliveries of Airbus A320 aircraft and the Group’s continued growth in Colombia, Peru and beyond, the company said.
Cartesian Capital Group has sponsored the development of dozens of transnational companies, including airlines such as Gol in Brazil and Flybondi in Argentina.
Irelandia Aviation, the low-cost airline developer, will remain majority shareholder after the investment.
“The fact that a private equity firm such as Cartesian selected Viva Air Group for investment confirms the huge progress we have made in recent years and the growth opportunities we have developed in the region benefiting our growing passenger numbers year on year," said Felix Antelo, president and CEO of Viva Air.
Viva Air is based in Colombia and Peru and operates national and international flights in more than 21 destinations. In 2019 the airline says it will carry 7.5 million passengers.