Viva Air has received a $50m equity capital injection from global private equity firm Cartesian Capital Group to boost its growth and expansion plans.

The US fund made the investment into the airline group’s procurement subsidiary.

Based in Colombia and Peru, Viva Air will use the funding to support its pending deliveries of Airbus A320 aircraft. A portion of the investment will be dedicated to the group’s continued growth.

Cartesian has previously invested in airlines such as Gol in Brazil and Flybondi in Argentina.

“We are delighted to have found a partner with the level of experience and calibre of Cartesian Capital Group.”

Viva Air president and CEO Felix Antelo said: “The fact that an equity firm such as Cartesian selected Viva Air Group for investment confirms the huge progress we have made in recent years and the growth opportunities we have developed in the region and benefiting our growing passenger numbers year on year.”

The injection of funds will not alter Irelandia Aviation’s position as majority shareholder in Viva Air.

Irelandia operates low-cost carriers Ryanair, Tiger Airways, Allegiant and VivaAerobus.

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Irelandia Aviation senior partner John Goode said: “We are delighted to have found a partner with the level of experience and calibre of Cartesian Capital Group, a globally known engaged investor, whom not only adds capital but also brings knowledge and experience and it is a huge vote of confidence in our company and business.”

The group comprises Viva Air Peru and Viva Air Colombia. The airline serves more than 21 destinations and expects to 7.5 million passengers this year.

The airline placed an order for 50 new aircraft Airbus A-320 CEO and NEO to boost its expansion plans. The company is planning to expand to a third country next year.

BofA Merrill Lynch advised Viva Latinamerica on this transaction.