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Monday, December 17, 2007

Flight Options Takes 100 Phenoms

Flight Options, LLC, a leading provider of private-jet services, placed an order for nearly $1 billion worth of Phenom 300 light-jets with Embraer. The transaction provides striking evidence of the continued growth of the private jet industry, and spotlights Flight Options’ emergence as the industry’s leading innovator, according to the company.
The aircraft order was completed as H.I.G. Capital, a leading global private equity firm based in Miami, closed today on the purchase of Flight Options from Raytheon Company, completing the sale first announced in October.
The Phenom order illustrates H.I.G.’s commitment to the growth of its new company, the world’s second largest dedicated private jet fleet, said the company. The firm order consists of 100 aircraft to be delivered over the next decade with options for another 50 aircraft. The first delivery is scheduled to occur in late 2009.
“This order is a defining moment for Flight Options, and represents, in turn, a commitment from H.I.G. Capital to the long-term growth of this company,” said S. Michael Scheeringa, chief executive officer, Flight Options, LLC. “The Embraer Phenom 300 is at the forefront of design and aerospace technology, and provides private-jet users with the performance, reliability and luxury they demand.”
The Cleveland, Ohio-based company will mark its 10th Anniversary in 2008 and offers the complete spectrum of programs from Fractional First™ ownership to leasing, aircraft management, and JetPASS Ultimate Travel Membership. The company was selected by the FAA to partner and participate in the development and implementation of a formal Safety Management System (SMS) soon to be required for all air service providers. Flight Options has a fleet of over 140 aircraft consisting of the Hawker 400XP, Hawker 850XP, Cessna Citation X and Embraer Legacy.
“Flight Options’ executive team, pilots, and staff have engineered a remarkable success story over the past several years and we’re committed to providing the resources that will insure continued growth for the company,” said Doug Berman, a managing director at H.I.G.
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