Genesis Aircraft Services Secures Minority Stake in Heston Airlines to Bolster Growth

Dublin-based all-narrowbody lessor, Genesis Aircraft Services, has solidified its partnership with Lithuania’s Heston Airlines by acquiring a minority investment in the carrier. The undisclosed investment comes as a culmination of their collaboration, which began in February 2021 when Genesis delivered the inaugural A320-200 LY-FJI (msn 2157) to Heston, enabling the Lithuanian ACMI/charter specialist to obtain its Air Operator’s Certificate (AOC) in May of the same year. The two entities had previously announced an alliance without divulging specific details.

This strategic move reinforces the strong working relationship between Genesis and Heston Airlines, with Genesis expressing confidence in Heston’s growth trajectory after exceeding expectations in the post-pandemic recovery phase. The statement, dated October 26, affirms Genesis’ belief in the potential for a robust recovery in passenger travel.

Heston Airlines currently operates a fleet of 15 aircraft, including ten A320-200s, five of which are under lease from Genesis. The lessor’s contribution extends to Heston’s Maltese subsidiary, Valletta Airlines (HOT, Malta International), which received its AOC in February 2023. The remainder of Heston’s fleet comprises two A321-200s and three A330-200 widebodies. The airline’s ACMI clientele includes prominent names such as Air Montenegro, Condor, Marabu, SmartLynx Airlines, and Uzbekistan Airways.

Genesis Aircraft Services boasts a diverse portfolio of fifty-one A320 Family and B737 aircraft, dry-leased to 26 customers, including Heston Airlines. This strategic investment underlines Genesis’ commitment to supporting the growth and success of its partner airlines amid the evolving landscape of the aviation industry.