Albastar, the Spanish airline specialising in charter flights, has embarked on a search for a new strategic partner to drive its ambitious growth plan and double its size by 2028. To achieve this, the company has enlisted the support of financial advisory firm Lincoln International. This initiative, led by Albastar’s Chairman, Fernando Aguado, and CEO, Oriol Hernández, represents a significant step in solidifying its position in the European market and expanding its international presence.
Since Sherpa Capital acquired a 70% stake in the airline in 2022, Albastar has undergone a remarkable transformation, surpassing its pre-pandemic operational and financial performance. In 2024, the airline achieved revenues exceeding €100 million and an EBITDA of €7.5 million. Projections for 2025 aim for €115 million in revenue and €9 million in EBITDA, with a long-term goal to expand its fleet to at least nine aircraft. This growth strategy is designed to enhance Albastar’s operational capacity and strengthen its foothold in key markets.
The airline is particularly focused on attracting strategic partners from North America and Asia, with a strong interest in the United States and Southeast Asia. According to Fernando Aguado, potential partners must bring expertise in the aviation sector, a crucial factor in successfully executing the expansion plans. While the company is open to financial partnerships, strategic partners are prioritised due to their ability to drive growth more effectively. These collaborations would not only help Albastar leverage Europe’s strategic role as a gateway for international businesses but also support the airline’s international business model.
Albastar’s robust financial position, strengthened by the transformation under Sherpa Capital, allows it to self-finance its operations without relying on external capital injections. CEO Oriol Hernández highlights that the airline’s expansion plans include deploying two additional aircraft in the Canary Islands to meet growing demand from Nordic countries, bolstering its operations in Palma de Mallorca, and maintaining its presence in Italy and Spain. Serving over 200 destinations annually, Albastar focuses on key tourism markets in southern Europe and works closely with tour operators.
Sherpa Capital, as the majority shareholder, is open to exploring various options to bring in a new partner, including a partial or full sale of its stake or a combination of these alongside a capital increase. This flexible approach reflects its commitment to maximising Albastar’s strategic value and ensuring sustainable growth. The airline has set ambitious financial targets, aiming to achieve an EBITDAL of €41 million by 2028, more than double the €17 million recorded in 2024. The 2025 budget includes plans for fleet renewal and expansion, reaffirming its commitment to sustainable growth and competitive positioning in the European market.
Founded in 2010 and headquartered in Palma de Mallorca, Albastar is a member of IATA and holds IOSA certification, underscoring its high operational and safety standards. Known for its operational reliability and commercial flexibility, the airline works closely with Europe’s leading tour operators, offering national and international connections tailored to key tourism markets. This solid business model, combined with a leadership team committed to expansion, positions Albastar as an attractive opportunity for investors looking to capitalise on growth in the aviation and tourism sectors. With the right strategic partner, the airline is poised to cement its position as a leader in the European charter flight market and beyond.
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