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:

“[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

• Aegean Airlines Press Release