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Aegean Airlines Acquires 45% Stake in Greek MRO Provider Apella

Aegean Airlines acquires 45% of Apella S.A. to expand maintenance services and develop a new technical base in Almyros, Greece.

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This article is based on an official press release from Aegean Airlines.

Aegean Airlines Acquires 45% Stake in MRO Provider Apella S.A.

On January 29, 2026, Aegean Airlines announced a significant expansion of its maintenance capabilities through the acquisition of a minority stake in Apella S.A., a specialized Greek aviation maintenance company. Through its subsidiary Olympic Air, the Aegean Group has secured a 45% stake in the firm, aiming to vertically integrate its operations and establish Greece as a stronger regional hub for aviation support services.

According to the company’s official announcement, the investment involves both the purchase of existing shares and a share capital increase. While the specific transaction value remains undisclosed, the deal leaves the majority 55% stake with Dr. Nikos Kontoyannis, who will continue to lead Apella as its CEO. The move represents a strategic effort by Aegean to bring heavy maintenance, aircraft painting, and disassembly services in-house, complementing its existing line maintenance infrastructure.

Strategic Expansion and New Infrastructure

A central component of this partnership is the development of a new technical base in Almyros, Magnesia. The press release details plans to utilize a privately owned 100,000-square-meter plot near Nea Anchialos National Airport (VOL). This facility is projected to roll out in phases, initially focusing on aircraft parking and disassembly, a critical component of aircraft recycling, before expanding into heavy maintenance and painting services.

Dimitris Gerogiannis, CEO of Aegean Airlines, emphasized the collaborative nature of the deal in a statement regarding the acquisition:

“This investment is a vote of confidence in the potential of Apella and its people… [It aims] to create synergies, facilitate the exchange of know-how, and support the expansion of the AEGEAN Group’s activities in the field of heavy aircraft maintenance.”

This new infrastructure is designed to function alongside Aegean’s “Aircraft Maintenance & Crew Training Center” at Athens International Airport, which opened in early 2024. While the Athens facility handles line maintenance and crew training, the partnership with Apella allows the group to capture industrial-level work, such as painting and recycling, that was previously outsourced or unavailable within the group’s direct control.

Operational Synergies and Capabilities

Apella S.A. brings decades of specialized experience to the Aegean Group. Founded in 1987 and operating as a certified MRO (Maintenance, Repair, and Overhaul) provider since 1998, Apella is currently the largest provider of wheel and brake repair services in Greece. The company holds EASA Part-145 certification and maintains strategic partnerships with major defense contractors, including Lockheed Martin, for whom it supports the Hellenic Air Force’s F-16 Viper upgrade program.

Dr. Nikos Kontoyannis, CEO of Apella, welcomed the investment as a catalyst for growth:

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“[The deal creates] prospects for strengthening infrastructure, expanding the range of services provided, and establishing Greece as a regional hub for aviation technical support.”

Financial Overview

Data provided in the announcement highlights Apella’s financial standing prior to the acquisition. For the fiscal year 2024, Apella reported:

  • Revenue: €15 million
  • Net Profit (after tax): €1.3 million
  • Workforce: 151 employees

AirPro News Analysis

This acquisition aligns with a broader industry trend where major carriers are increasingly investing in vertical integration to secure their supply chains. By acquiring a stake in an MRO provider capable of heavy maintenance and disassembly, Aegean reduces its reliance on third-party vendors for critical, high-cost services. Furthermore, the inclusion of “disassembly” capabilities suggests a forward-looking approach to sustainability and fleet lifecycle management, allowing the airline to manage end-of-life processes for aircraft more efficiently.

Frequently Asked Questions

Who is the majority owner of Apella S.A. following the deal?
Dr. Nikos Kontoyannis retains a 55% majority stake and remains the CEO of the company.

What services will the new Almyros facility provide?
The facility is planned to offer aircraft parking, disassembly (recycling), aircraft painting, and heavy maintenance services.

Does this replace Aegean’s Athens maintenance center?
No. The new capabilities complement the existing center at Athens International Airport, which focuses on line maintenance and crew training.

Sources

Photo Credit: Aegean Airlines

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MRO & Manufacturing

Avmax Group Acquires Condor Aircraft Accessories to Expand Component Services

Avmax Group acquires Condor Aircraft Accessories to create an Integrated Components Division, enhancing aircraft component repair capabilities in Calgary.

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This article is based on an official press release from Avmax Group Inc.

Avmax Group Acquires Condor Aircraft Accessories to Form Integrated Components Division

On January 27, 2026, Avmax Group Inc. announced the acquisitions of Condor Aircraft Accessories, a specialized aviation maintenance provider based in Calgary, Alberta. According to the company’s official statement, this transaction will result in the formation of a new “Integrated Components Division,” merging Avmax’s existing component capabilities with Condor’s long-standing expertise in accessory repair and overhaul.

The acquisition represents a strategic move by Avmax to bring specialized “back-shop” maintenance capabilities in-house. By integrating Condor, which has served the industry since 1989, Avmax aims to streamline supply chains for its leased fleet and external MRO customers. The company confirmed that Condor will continue to operate as a division within Avmax, retaining its current operational structure to ensure continuity for existing clients.

Strategic Alignment and Expanded Capabilities

Avmax, known globally for aircraft leasing, heavy maintenance, and engineering, stated that this acquisition is designed to fill specific gaps in its internal repair capabilities. While Avmax handles large-scale MRO operations, Condor specializes in the granular repair of Class I, II, and III accessories. These include critical internal components such as actuators, relays, hydraulic pumps, motors, and generators.

In the press release, Avmax leadership emphasized that the deal is an “operational alignment” rather than a simple absorption. Hassan Ghazali, Avmax’s Component Shop Manager, highlighted the practical benefits of combining the two workforces.

“This operational alignment brings together two highly experienced teams, expanding the range of components we’re able to support. By combining our strengths, we’re increasing both capacity and expertise while continuing to deliver the reliability our customers expect.”

, Hassan Ghazali, Component Shop Manager, Avmax

By controlling the repair cycle for these specific components, Avmax anticipates reduced turnaround times and increased efficiency. This vertical integration allows the company to service its own assets more rapidly while offering a broader menu of services to third-party airlines and operators.

Shared Regional Heritage

Both companies are headquartered in Calgary, Alberta, a factor Avmax cited as a foundation for shared corporate values. Condor Aircraft Accessories has been a fixture in the region’s aviation sector for over three decades, holding Transport Canada Approved Maintenance Organization (AMO) status. Tim McCrady, Business Development Manager at Avmax, noted that the proximity and shared history of the two entities would facilitate a smooth integration.

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“This partnership reflects a shared belief in doing things the right way, with pride in our work, respect for our people and a long-term commitment to our customers. Together, we are strengthening our technical depth while creating more efficiency and a more integrated component support network.”

, Tim McCrady, Business Development Manager, Avmax

AirPro News Analysis

This acquisition aligns with a broader trend in the aviation aftermarket where major lessors and MRO providers are increasingly acquiring niche repair shops. By owning the facility that repairs high-turnover components like pumps and actuators, a lessor like Avmax can significantly lower the maintenance costs of its own fleet. Rather than paying a markup to a third-party vendor, the lessor captures that margin and controls the priority of the repair queue. For the Calgary aviation hub, this consolidation likely signals stability, keeping specialized technical skills within the local market under the umbrella of a larger, globally diversified parent company.

Operational Continuity

According to the announcement, the transition is effective immediately. Condor will function as a specialized division within the Avmax ecosystem. The company assured stakeholders that day-to-day operations would remain stable, with existing points of contact remaining in place to prevent service disruptions. The new Integrated Components Division will leverage Avmax’s global logistics network to support Condor’s existing client base, potentially expanding the reach of the smaller shop’s services to international markets.

Sources: Avmax Group Inc.

Photo Credit: Montage

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MRO & Manufacturing

AkzoNobel Opens New Aerospace Coatings Facility in Dubai 2026

AkzoNobel Aerospace Coatings will launch a Dubai facility in Q2 2026 to provide local blending and stock for Middle East aviation operators and MROs.

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This article is based on an official press release from AkzoNobel Aerospace Coatings.

AkzoNobel Aerospace Coatings Announces New Dubai Facility to Strengthen Middle-East Support

AkzoNobel Aerospace Coatings has officially announced plans to launch a new color blending and distribution facility in Dubai, United Arab Emirates. According to a press release issued on January 29, 2026, the new site is scheduled to become operational in the second quarter of 2026. The facility is designed to serve as a regional hub, offering locally blended and stocked coating solutions tailored to the specific requirements of commercial aviation operators, Maintenance, Repair, and Overhaul (MRO) organizations, and OEMs across the Middle East.

The expansion aims to reduce lead times and improve efficiency for regional partners by localizing the supply chain. The Dubai facility will feature automated and precision control processes to ensure color accuracy consistent with AkzoNobel’s global standards. Key capabilities will include the local blending of the company’s flagship coating systems, including Aerobase, Aerodur 3001, and Eclipse colors.

Operational Capabilities and Strategic Goals

The primary objective of the new Dubai site is to provide streamlined access to essential aerospace materials. In addition to on-site color blending, the facility will stock a comprehensive inventory of primers, topcoats, and thinners. By positioning these resources within the region, AkzoNobel intends to support the operational planning of Airlines and MROs, minimizing the downtime associated with waiting for materials to be shipped from Europe or North America.

Xavier Rijmenans, EMEA Sales Director for AkzoNobel Aerospace Coatings, emphasized the importance of this investment for the company’s long-term strategy in the region.

“We work closely with established partners in the Middle East who rely on our trusted solutions. By expanding our color blending and distribution capabilities, we are not only reducing lead times but also strengthening regional support, helping customers to scale their operations and respond to increasing demand in the region.”

Xavier Rijmenans, EMEA Sales Director, AkzoNobel Aerospace Coatings

Rijmenans further noted that this operational model has already been proven effective across Asia, Europe, and North America, suggesting that Middle Eastern customers will see immediate benefits in terms of access to high-quality, locally blended coatings.

AirPro News Analysis: Regional Context and Market Dynamics

The following section contains analysis by AirPro News based on industry data and background research.

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The timing of AkzoNobel’s expansion aligns with a period of significant growth in the Middle East aviation sector. With major fleet expansions underway, including the aggressive entry of Riyadh Air and continued growth from legacy carriers like Emirates and Qatar Airways, the demand for MRO services is projected to rise sharply. By establishing a local blending facility, AkzoNobel is positioning itself to compete more effectively against rival Manufacturers such as PPG Aerospace and Sherwin-Williams, both of which maintain active footprints in the region.

Furthermore, the specific product focus addresses the unique environmental challenges of the Middle East. The region’s high solar irradiance and prevalence of sandstorms require high-performance coatings capable of resisting erosion and UV degradation. Localizing the production of systems like Aerobase and Aerodur allows AkzoNobel to respond rapidly to the maintenance needs of aircraft subjected to these harsh “desert factor” conditions.

This move also occurs against the backdrop of broader corporate shifts. In November 2025, AkzoNobel and Axalta Coating Systems announced a definitive agreement to merge. While the Dubai facility is an AkzoNobel initiative, it strengthens the company’s infrastructure ahead of the expected transaction close in late 2026 or early 2027.

Technical Focus: Featured Product Lines

According to the press release and technical specifications, the new facility will focus on three primary product lines, each serving distinct roles in aircraft maintenance and livery application:

  • Aerobase: A base coat/clear coat system designed for durability and speed. It is favored for its opacity and color retention, which can reduce the number of layers required, thereby saving weight and application time.
  • Aerodur 3001: A specialized base coat known for its chemical resistance, often utilized in systems requiring protection against hydraulic fluids and harsh aviation chemicals.
  • Eclipse: A polyurethane topcoat widely used in both commercial and general aviation for its high gloss retention and resistance to staining and UV damage.

AkzoNobel has invited industry stakeholders to learn more about the new facility at MRO Middle East 2026. The team will be available at Booth 1620 to discuss how local stock availability can assist in reducing turnaround times.

Frequently Asked Questions

When will the new Dubai facility open?
The facility is scheduled to become operational in Q2 2026.
What specific services will be available?
The site will offer local color blending for specific coating lines and stock primers, topcoats, and thinners to ensure faster delivery times.
Where can I find the AkzoNobel team at MRO Middle East 2026?
The team will be located at Booth 1620.

Sources

Photo Credit: AkzoNobel Aerospace Coatings

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MRO & Manufacturing

AXISCADES and OGMA Partner to Expand Aerospace MRO in India and MENA

AXISCADES partners with Embraer subsidiary OGMA to enhance aerospace MRO services and develop a major hub near Bengaluru by 2027.

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This article is based on an official press release from AXISCADES Technologies Limited and verified market research.

AXISCADES Partners with Embraer Subsidiary OGMA to Expand MRO Capabilities in India and MENA

AXISCADES Technologies Limited has announced a strategic partnership with OGMA-Indústria Aeronáutica de Portugal, S.A., a subsidiary of Embraer, to provide comprehensive Aerospace Manufacturing, Maintenance, Repair, and Overhaul (MRO) services. The agreement marks a significant expansion for the Indian engineering solutions provider as it moves to capture a larger share of the aerospace value chain in India, the UAE, and the MENA region.

According to the company’s announcement, the collaboration will focus on supporting Embraer fleets as well as aircraft from other major manufacturers. By leveraging OGMA’s certifications and technical heritage, AXISCADES aims to establish indigenous capabilities for airframe engineering, engine maintenance, and certification services that have historically been outsourced to foreign facilities.

Strategic Scope and Market Focus

The partnership is designed to merge AXISCADES’ established expertise in avionics, system integration, and digital engineering with OGMA’s century-long experience in heavy maintenance and aerostructures. OGMA, which is 65% owned by Embraer and 35% by the Portuguese government, brings critical certifications from global aviation authorities including EASA and the FAA.

The agreement targets three primary geographic markets: India, the United Arab Emirates (UAE), and the wider Middle East and North Africa (MENA) region. Within India, the collaboration will specifically address the maintenance needs of the existing Embraer fleet. This includes commercial aircraft operated by regional carriers such as Star Air, as well as critical defense platforms used by the Indian Air Force (IAF), such as the “Netra” Airborne Early Warning and Control (AEW&C) systems and VVIP transport jets.

Beyond the Embraer ecosystem, the alliance intends to service platforms from other Original Equipment Manufacturers (OEMs). OGMA holds authorized maintenance center status for several key industry players, including Rolls-Royce and Pratt & Whitney. This multi-OEM capability is expected to allow AXISCADES to bid for broader maintenance contracts involving engines and airframes widely used by Indian commercial carriers.

Infrastructure Development: The Bengaluru Hub

To support these new capabilities, AXISCADES is currently developing a large-scale integrated Aerospace and Defence manufacturing and MRO hub. Located near the Kempegowda International Airport in Bengaluru, the facility is positioned to become one of India’s largest independent MRO centers.

According to details released by the company, the new infrastructure will feature:

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  • Dedicated hangars and speed shops for rapid maintenance.
  • Specialized engine shops and a Welding Center of Excellence.
  • Facilities for strategic electronics manufacturing and system integration.
  • Certification testing infrastructure to support indigenous approvals.

Industry data indicates that full-scale operations at this facility, often referred to in planning documents as the Atmanirbhar Defence Centre, are projected to commence by 2027. The hub aims to reduce the reliance of Indian operators on foreign MROs, a market gap where approximately 80% of India’s $1.85 billion MRO demand is currently serviced abroad.

Leadership Perspectives

Both companies have framed the partnership as a critical step toward building self-reliant aerospace ecosystems in India. Alfonso Martinez, CEO-International at AXISCADES, emphasized the strategic shift toward high-value services.

“This MoU with OGMA is a significant step in AXISCADES’ journey to build world-class aerospace and defence MRO and engineering capabilities. By combining OGMA’s deep expertise in airframe and engine MRO with our strong engineering, manufacturing, and infrastructure roadmap, we aim to create a robust ecosystem that addresses global market opportunities in high-growth regions such as India, the UAE and MENA, while supporting India’s self-reliance objectives.”

, Alfonso Martinez, CEO-International, AXISCADES Technologies Ltd

Paulo Monginho, CEO of OGMA, highlighted the opportunity to extend the Portuguese company’s reach into the rapidly growing Indian aviation sector.

“We are pleased to partner with AXISCADES, a company that brings strong and proven capabilities along with a clear vision for aerospace and defence growth. This collaboration allows us to expand our footprint while jointly delivering high-quality, certified MRO and engineering solutions to India & Global Customers.”

, Paulo Monginho, CEO, OGMA

AirPro News Analysis

This partnership represents a pivotal transition for AXISCADES from a pure-play engineering services provider to a tangible asset-heavy player in the aerospace supply chain. By partnering with an OEM subsidiary like OGMA, AXISCADES bypasses the decades-long learning curve typically required to achieve certification for heavy maintenance and engine overhaul.

The timing aligns with broader geopolitical and economic trends. The “China Plus One” strategy is driving global OEMs to diversify their supply chains, while the Indian government’s “Make in India” initiative is pressuring defense and civil operators to localize maintenance spending. With the Indian MRO market projected to grow to nearly $6 billion by the early 2030s, the ability to service Pratt & Whitney and Rolls-Royce engines domestically could position AXISCADES to capture revenue that currently flows to Singapore or Europe.

However, execution will depend heavily on the timely completion of the Bengaluru facility. While the strategic intent is clear, the physical infrastructure required to handle heavy checks and engine overhauls is capital-intensive and subject to regulatory complexities. If successful, this venture could serve as a model for how Indian engineering firms can leverage European technical partnerships to build sovereign defense capabilities.

Sources

Photo Credit: AXISCADES

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