UK-based venture capital group SilverArrow Capital says it has acquired a majority 51% stake in PrivatAir SA. The value of the transaction was not disclosed.

Under the deal, SilverArrow will boost PrivatAir's financial resources while working alongside the firm to develop growth-oriented, sustainable strategies.

SilverArrow says it will work in tandem with Saudi-based Asyad Aviation, which helped establish PrivatAir Saudi Arabia (PVS, Jeddah), to develop the Swiss firm into an industry benchmark.

"We are very excited about the acquisition of these premium brands. PrivatAir and PrivatPort offer unlevelled potential for profitable growth within a changing market," Thomas Limberger, CEO of SilverArrow Capital Group and new Chairman of PrivatAir, said.

PrivatAir is a Swiss comprehensive group with three divisions including: Scheduled Services, Business Aviation (Aircraft Charter, Aircraft Sales & Sourcing, Aircraft Management) and PrivatTraining. In addition, PrivatAir and Swissport operate PrivatPort, a premium ground-services company.

For its part, PrivatAir (Switzerland) (PV, Geneva) is an international premium airline headquartered in Geneva, Switzerland but with operating offices in Dusseldorf, Germany and Lisbon, Portugal. The mainline Swiss carrier operates one B737-700(BBJ) (in service for SAS Scandinavian Airlines), and one B757-200 and one B767-300(ER) both of which are away on-contract for ECAIR - Equatorial Congo Airlines).

Its PrivatAir (Germany) (PTG, Düsseldorf Int'l) unit operates three A319-100s (in service for Saudia Private Aviation), one B737-700(BBJ) (in service for Lufthansa), and one EMB Lineage 1000 (in service for Al Fahim Group).