Greek airline Aegean has announced a strategic investment in the aircraft maintenance sector, acquiring a 45% stake in APELLA, a certified aircraft maintenance company, through its subsidiary Olympic Air. The move marks a significant expansion of the group’s activities in heavy aircraft maintenance and technical services.
The investment was carried out through a combination of acquiring existing shares and participating in a capital increase at APELLA. The remaining 55% stake remains with the company’s founder and Chief Executive Officer, Dr. Nikos Kontogiannis, who continues to lead the business.
APELLA’s Role and Capabilities
APELLA is a certified aircraft and aeronautical equipment maintenance organization operating under EASA Part-145 standards, providing a broad range of maintenance and repair services for multiple aircraft types. In the field of wheel and brake repairs, it is by far the largest service provider in Greece.
The company also works as an approved partner of Lockheed Martin Aeronautics, delivering engineering services and flight support for military aircraft. Its activities include supporting the upgrade program of Greece’s F-16 fighter jets, as well as contributing to the global production of the F-16 platform. In addition, APELLA manufactures specialized tools and aviation equipment and holds internationally recognized certifications, including AS9100D, ISO 14001 and ISO 27001.
New Maintenance Facility Planned
As part of its growth strategy, APELLA plans to develop a new aircraft maintenance facility in central Greece, on a privately owned site near a regional airport. The project foresees direct connectivity with the airport and the phased development of infrastructure.
Initial plans include aircraft parking and disassembly areas, followed by the introduction of painting services and heavy maintenance operations in later stages. The facility is expected to significantly enhance maintenance capacity and service range.
Financial Performance and Synergies
In 2024, APELLA reported €15 million in revenue and €1.3 million in net profits after tax, while employing 151 staff members.
According to Aegean, the investment is aimed at creating synergies, promoting knowledge sharing and further expanding the group’s presence in heavy aircraft maintenance. This strategy builds on the launch of Aegean’s Aircraft Maintenance and Crew Training Center at Athens International Airport earlier in 2024.
Aegean CEO Dimitrios Gerogiannis said the partnership fits into the company’s broader plan to develop a complementary ecosystem of technical expertise and support services. From APELLA’s side, Dr. Kontogiannis described Aegean’s entry as a vote of confidence, highlighting the partnership’s potential to strengthen infrastructure, expand heavy maintenance services and position Greece as a regional aviation technical support hub focused on quality and safety.
