Viva Air attracts US$50m investment from private equity firm

Irelandia Aviation has secured a US$50m investment from New York-based private equity firm Cartesian Capital Group for its Latin American LCC Viva Air Group, in exchange for an unspecified stake in the airline. The investment will pave the way for Viva to be publicly-listed in about 2 years, Irelandia managing partner and Viva's chairman Declan Ryan said. He declines to specify the stake that Cartesian holds in Viva, but says: "It's a good stake. Irelandia is maintaining control." Viva Air will be Cartesian's second airline investment in its current portfolio. It is a shareholder in Argentina's Flybondi, and previously invested in Brazil's Gol. Viva has airlines based in Medellin and Lima, but is considering launching a third carrier in the region, although it has not committed to a location. <br/>