Antin’s Mid Cap Fund I has secured a majority stake in Madrid-based Swiftair Group. The airline’s founder, Salvador Moreno, will remain CEO and a significant shareholder. According to Antin, the main purpose of the investment is to support a new phase of growth at the European provider of aircraft leasing and air transportation solutions for time-critical cargo. This should significantly increase the long-term value of the company – a key consideration for any financial investor.
Neither side has disclosed the monetary volume of the transaction or the number of shares acquired by Antin. It also remains unclear whether Antin’s step will lead to personnel changes in the airline’s top management.
Broad customer portfolio
1996-incepted Swiftair has made a name for itself as a leading provider of aircraft, crew, operations and maintenance (ACMI) for express air freight in Europe, including temperature-sensitive pharmaceuticals and food products. In addition, Swiftair provides mission critical services to blue-chip clients with whom it has enjoyed long-standing business relationships – many spanning decades. Its customer portfolio includes integrators such as DHL, FedEx and UPS or mail and parcel operators like the UK’s Royal Mail and France’s La Poste. It employs 1,350 staff and reported net revenues of €342 million for fiscal 2024.
The carrier currently operates 71 aircraft serving 77 routes in over 45 countries. The fleet consists of Boeing 757, Airbus 321, Boeing 737-800, Boeing 737-400, ATR-72, Embraer 120, and Fairchild Metro III. In addition, the airline owns and operates a hangar in Madrid Barajas Airport and has a strong network of 38 maintenance centers strategically positioned to seamlessly cover its clients’ needs, mostly across Europe and West Africa.
On the threshold to the next level
Francisco Cabeza and Simon Soder, respectively Partner and Senior Partner at Antin Infrastructure Partners, commented: “It is a true honor for us to partner with Salvador Moreno, an exceptional entrepreneur who has made a leader of Swiftair, and to help the company reach the next level. With its scale, unique market positioning and track record of providing reliable and essential transportation services to its strategic global client base, the company is a perfect fit for our mid cap strategy. Air freight is an essential part of supply chains for time-sensitive cargo, supported by long-term tailwinds. We look forward to working with Salvador and Swiftair’s team to support the company’s continued expansion journey and the needs of its customers.”
Accelerating the growth strategy
Swiftair Boss, Salvador Moreno, responded: “With Antin’s support, we will be able to accelerate our strategy, notably continuing to optimize and invest in our fleet, and further consolidate our market leadership, both organically and through new acquisitions. My team and I are excited to start executing this growth plan with Antin.”
The transaction is expected to close in Q4 2025. Antin was advised by Deutsche Bank and BBVA as financial co-advisers and Perez Llorca as legal adviser. Swiftair was advised by Morgan Stanley as financial adviser and CMS Albiñana as legal adviser.
Fatal crash
The Spanish airline, widely regarded as safe within the industry, experienced its darkest day on 25NOV24, when Swiftair flight QY5960 crashed at Vilnius Airport during final approach. The flight, operated on behalf of DHL fromLeipzig, Germany to Vilnius, Lithuania, ended in a fatal accident that claimed the life of the captain, injured the first officer and two passengers, and destroyed the aircraft completely. Investigations by experts revealed that the freighter, a Boeing 737-400SF, was not brought down by a single mechanical failure, but by a chain of pilot errors, high workload, and missed procedures.
