Olympic Air Acquires 45% Of Maintenance Firm APELLA

Aegean Airlines subsidiary Olympic Air has bought 45% of Athens-based maintenance, repair and overhaul (MRO) firm APELLA, which will create a new maintenance facility in the Greek town of Almyros, 300 km northwest of Athens.

Aegean CEO Dimitris Gerogiannis said the APELLA acquisition forms part of the company’s diversification strategy, building on the maintenance and crew training center, which opened in Athens in early 2024.

“Our objective is to gradually build a broad ecosystem of complementary know-how, operational expertise and development skills,” Gerogiannis said.

Olympic Air acquired the APELLA stake by buying existing shares and through a share capital increase. APELLA CEO Nikos Kontogiannis holds the remaining 55% majority stake and will continue to lead the company.

Following the investment, APELLA is planning to create an aircraft maintenance facility on a 100,000 m2 plot of land in Almyros, near Nea Anchialos Airport. This new facility will initially focus on aircraft parking and disassembly activities, before expanding into aircraft painting and heavy maintenance.

APELLA was formed in 1998, employs over 150 staff and is the largest provider of aircraft wheel and brake repairs in Greece.

The company has a 2,500 m2 facility next to Athens Airport and performs on-aircraft and component maintenance services for more than 150 aircraft annually. It holds EASA Part-145, AS9100D, ISO 14001 and ISO 27001 certifications.

“This collaboration creates strong prospects for strengthening infrastructure, developing new heavy maintenance services, and establishing Greece as a regional hub for aviation technical support,” Kontogiannis said.

Alongside aircraft and component maintenance, APELLA manufactures tools and equipment. It also supports military aircraft programs, including the Hellenic Air Force’s F-16 Viper upgrade program and F-16 production.

In 2024, APELLA generated a €15 million ($18 million) turnover and a €1.3 million net profit.