The main shareholders of Electra Airways, Classic Air, ETG Maintenance and Maverick Horizon have set up Vector Group, based in Tel Aviv, as a “vertically integrated” amalgam of the quartet.

The group brings together Bulgarian airline Electra, compatriot maintenance provider ETG, Irish lessor Maverick and Maltese-Israeli sales agent Classic.

“Each of the four companies has been working for a long time in the aviation industry, but being part of the group will strengthen their position on the market,” said Effi Grunwald, chief executive of the group and of Classic Air.

“The Irish lessor will focus on acquiring mid-life A320 Family aircraft, the Varna-based maintenance provider is performing heavy checks and also actively seeking to broaden the number of its third-party customers,” the companies announced.

“Electra Airways is acting as a capacity provider in ACMI and charter market, acting on behalf of industry leaders and Classic Air is a market consolidator, sales agent and aviation broker chartering thousands of flights every year to European destinations and beyond,” the partners said, adding they had been backed by a “strategic investment from Aurum Group, a leading Israeli family office and the investment arm of Mr Morris Kahn”.