Air Atlanta Icelandic, which operates a fleet of 23 747s and 767s on ACMI leases for carriers seeking additional lift, was taken over for an undisclosed sum by Pilot Investor S.A. "This is good news for the airline and a very good deal," declared President and CEO Hafthor Hafsteinsson. "We are a $200 million business and have been looking for ways to inject more capital into the balance sheet. It will give us the security to fund expansion without losing our essential Icelandic identity." A group headquartered in Luxembourg but owned by Icelandic investors, Pilot Investor acquired 50.5% of the shares in the wet-lease specialist. Lead investor Magnus Thorsteinsson, an Icelandic entrepreneur, will join the board "with immediate effect," according to a company statement. Pilot Investor said it secured the entire 22.7% stake in Air Atlanta Icelandic owned and controlled by Icelandic banking concern Bunadarbanki Islands together with further shares held by the airline's chairman and founder, Arngrimur Johannsson, a 747 pilot, and his wife Thora Gudmundsdottir-Johannsson. The pair will retain their leadership positions, according to Pilot Investor. The carrier, founded in 1986, employs up to 1,400 staff during peak times and more than 200 pilots. It generated a net profit in 2001 of 150 million Icelandic kronur ($1.72 million) on revenues of 21 billion kronur. Profits also are expected for the current financial year.