Business aviation company Xojet is to receive financing totalling USD470m led by TPG, a Fort Worth based private equity firm, and Aabar, an Abu Dhabi based investment firm.
The amount consists of USD100m in equity and a more flexible debt facility of USD370m that allows for the purchase of either new or used aircraft on a global basis.
Xojet will use the additional capital to expand its operations.
"This latest round of financing is evidence of the growing confidence in Xojet’s operating model," says David Siegel, chief executive of Xojet. "We uniquely offer what customers now demand and other operators simply cannot provide – a low risk, high quality, cost efficient alternative to fractional ownership without ever compromising on service quality or safety."
Xojet serves corporate flight departments, private businesses and high net worth individuals.
Xojet is backed by TPG, a global private investment firm with over USD45bn of capital under management.
