Rigby Group has made its second aviation acquisition of the summer by buying a South West private airline company.
The group, which owns and operates Coventry Airport, has acquired Exeter-based Capital Air Charter which runs corporate and private chartered flights and urgent freight services throughout Europe.
It also operates Capital Air Ambulance service in Guernsey and also provides emergency back-up to the medical services in Jersey and the Isle of Man as well as supplying emergency repatriation services to Britons injured abroad.
It has eight aircraft in total, employing 35 full-time staff in Exeter, Jersey and the Isle of Man.
Capital Air Charter will continue to operate under its own brand following completion of the deal.
Rigby Group, which also own British International Helicopters, said it planned to grow Capital Air Charter's market share extensively over the next few years and develop both its aero medical services and its contracted charter capabilities.
In June, Rigby Group acquired Norwich International Airport for an undisclosed sum.
Group chairman and chief executive Sir Peter Rigby said: "Regional aviation is vitally important to the economic development of regions, not just in the UK but across the world.
"I am delighted to welcome everyone at Capital Air Charter to our fast growing team.
"Over the last two decades they have worked hard to establish the company as the South West's largest air ambulance and private air charter operator with an enviable reputation, and I am very much looking forward to working together as we continue to expand operations and build on that success."
Capital Air Charter managing director and chief pilot Malcolm Humphries added: "This is a hugely significant announcement for both companies, one that will allow us to develop and realise its potential in a way that simply wasn't possible in the past.
"Being part of the Rigby Group will enable us to capitalise on opportunities that we were simply unable to grasp in the past."
Headquartered in Stratford, Rigby Group was founded in 1975 and also has interests in hotels, real estate and financial and aviation sectors and owns independent technology provider SCC.