HIG Capital, a global private equity firm based in Miami, has announced the acquisition of Flight Options, operator of a fleet of 130 luxury private jets for business and high net worth cl
HIG Capital, a global private equity firm based in Miami, has announced the acquisition of Flight Options, operator of a fleet of 130 luxury private jets for business and high net worth clients, from Raytheon on terms that were not disclosed.
Based in Cleveland, Ohio, Flight Options offers fractional ownership programmes, aircraft leasing and a pre-paid card plan, JetPass. This year the company also began offering aircraft management services. The company was formed in 2002 through the merger of Flight Options International, established in 1998, and Raytheon Travel Air, created in 1997.
Flight Options provides personalised services to owners and members from airport and fixed based operator locations across the US. It has service and maintenance operations in Cleveland, Las Vegas, Sacramento, California, Teterboro, New Jersey, and West Palm Beach, Florida and operates a fleet including Hawker 400XP, Hawker 850XP, Citation X and Embraer Legacy aircraft.
The firm says it is the first fractional provider to implement the Federal Aviation Authority’s aviation safety action programme for its pilots and maintenance professionals, and the only such firm selected by the FAA to help develop and implement the next generation safety management system soon to be required for all air service providers.
‘HIG demonstrates a commitment to growth and excellence that mirrors our own values and approach, and we look forward to working with them to grow the company,’ says Flight Options chief executive Michael Scheeringa.
‘As part of this growth, we are in final negotiations with Embraer on a long-term aircraft supply agreement that will continue to modernise our fleet and provide our customers with best-in-class aircraft.’
HIG managing director Doug Berman adds: ‘We view private jet aviation as an attractive, growing market with strong underlying fundamentals. Flight Options is uniquely positioned within its market to benefit from these dynamics and we are excited to partner with an exceptional management team to support the company’s growth.’
HIG Capital has extensive experience investing in the aviation industry. Its current portfolio of companies includes Amerijet International, which offers scheduled air cargo service to 30 destinations in the Caribbean and Latin America, Rotorcraft Leasing Company, the largest privately-held helicopter operator in the Gulf of Mexico region with a fleet of approximately 100 helicopters, and Gemini Air Cargo, which operates a fleet of MD-11 and DC10-30 freighters.
HIG Capital, which has US offices in Atlanta, Boston, and San Francisco and affiliates in London, Hamburg and Paris, specialises in providing capital to small and medium-sized companies with attractive growth potential, and has more than USD4bn in equity capital under management. Since its establishment, HIG has completed more than 75 transactions, and its current portfolio comprises companies with combined revenues exceeding USD7bn.
