Loftleidir Icelandic is accelerating growth in charter operations through the takeover of Latvian charter operator Latcharter Airlines. The acquisition marks a new stage in the development of a company founded 14 years' ago by four professional pilots and an engineer who wanted to operate charter flights. LatCharter operations are directed largely at charter flights ordered by government, tourist operators, sport clubs and state teams, as well as shift crew transfers, and at servicing artistic groups and sea crews. But it has extensive experience in operating charter passengers flights to Europe, Asia and Africa. LatCharter was launched in April 1992. Latcharter ceo Yury Rubenchik says the shareholders of Latcharter Airlines decided to team up with a strong strategic investor "to facilitate the aggressive and profitable growth of the company even further. The connection to a large airline partner will enable the company to grow in a quick and profitable way." In 1995 and 1996 LatCharter airlines bought two aircraft - TU134B with a capacity of 76-80 seats. It expanded its route network and clients included Anderlecht football club; basketball clubs Olympiakos and Panatanaikos; Whitney Houston and East 17, along with British Gas staff. Sigthor Einarsson, md of Loftleidir Icelandic says; "LatCharter Airlines has built up a solid and positive reputation in the Baltic region and has close relations to the local charter market. The company has gained extensive knowledge of the CIS market which we will undoubtedly benefit from in the near future, opening the window for our current product line".