Management Buyout Completed
Posted: Monday 25th February 2013More News »
We’re pleased to announce, in this our 25th anniversay year, that Titan Airways has become a fully privately owned business. The business is today owned outright by managing director and founder, Gene Willson, who recently bought out long term investors 3i.
Originally holding a 37% stake in Titan’s parent company, Hagondale, 3i’s ownership was reduced to 22% last March and the remaining balance of shares were purchased at the end of last year.
Mr Willson said, “We are extremely pleased to achieve this milestone in such a significant year – our 25th birthday. 3i have been a very supportive partner but completing the purchase of their shares provides us with full control of our long-term development plans for the airline. The additional shareholding also gives us the flexibility for further business opportunities.”
When Titan Airways was founded in 1988 it was a two man operation operating a single light aircraft, a Cessna 404 Titan. Today we have grown into one of the UK’s most successful charter airlines with 250 staff and a versatile fleet of 12 aircraft, ranging from a 6 seat Citation CJ2+ to a 265 seat Boeing 767-300. A 13th aircraft, an Airbus A320-233, will be joining the fleet in the spring.
Mr Willson, who still regularly captains several of the aircraft types in the Titan Airways fleet, believes our success can be attributed to our ability to deliver bespoke services with exacting attention to detail to a diverse customer base.