Spanish air cargo and wet-lease specialist Swiftair Group is being acquired by a financial fund linked to investment firm Antin Infrastructure Partners.

Antin will take a majority stake in the Madrid-based operator, through its Mid Cap Fund, but the size and value of the investment have not been disclosed.

It expects to close the transaction in the fourth quarter of this year.

Swiftair, which was founded almost three decades ago, has a fleet of 71 freighter and passenger aircraft and serves a network of 77 routes.

Chief executive Salvador Moreno – the company’s founder – will remain in the top post, and retain a significant minority shareholding.

“We will be able to accelerate our strategy, notably continuing to optimise and invest in our fleet, and further consolidate our market leadership, both organically and through new acquisitions,” says Moreno.

Swiftair Group expanded with the acquisition of Cygnus Air in 2018 and West Atlantic the following year.

“With its scale, unique market positioning and track record of providing reliable and essential transportation services to its strategic global client base, the company is a perfect fit for our mid-cap strategy,” states Antin senior partner Simon Soder.

Swiftair operates services for a range of customers including DHL, FedEx and UPS. Its fleet, spread across five carriers, comprises a range of types including Boeing 757s and 737s, Airbus A321s, ATRs and smaller turboprops.