$75 million in new funding to support continued business growth, adds 20 new Challenger and Gulfstream aircraft
LOS ANGELES–(BUSINESS WIRE)–Jet Edge International, the Ohio-based private aviation company, has raised an additional $75 million of funding from credit funds and accounts managed by KKR. The new funding expands KKR’s total credit and equity investments in Jet Edge to approximately $265 million over the past year.
Following the initial $150 million credit facility announced in June 2021, KKR has continued investing in Jet Edge amidst historic demand for its direct-to-consumer Reserve Membership program. Jet Edge will utilize the funding to further expand the company’s extensive Gulfstream and Challenger fleet.
“With KKR support, Jet Edge has grown the Reserve Membership program to record numbers,” comments Jet Edge International CEO Bill Papariella. “KKR’s most recent investment in Jet Edge speaks to its confidence in our mission to deliver scaled private aviation solutions with industry-leading service and new capital to support those efforts with continued fleet growth.”
Jet Edge has 20 additional Gulfstream & Challenger aircraft slated to be delivered in the first half of 2022 in addition to the 27 delivered in 2021, bringing its total fleet size to 95 aircraft.
Patrick Clancy, Director at KKR, said: “In a challenging environment, the Jet Edge team are executing on their strategy and have delivered impressive growth for the business in 2021 while maintaining a disciplined operating platform that puts their customers first. We are excited to increase our investment in order to further support the growth of Jet Edge’s fleet as they continue to expand their innovative Reserve membership and AdvantEdge product lines.”
In the past 12 months, Jet Edge has achieved 1,800% year-on-year growth in new member acquisitions. Jet Edge has solidified the company’s national footprint while providing a solid foundation to grow future membership programs.
About Jet Edge
Jet Edge is a leader in full-service global private aviation. As an integrated super-midsize and large cabin management operator and maintenance provider, Jet Edge services aircraft owners and charter flyers with a world-class operational platform and extends individual clients and corporations 365-day-a-year access to one of the most diverse and luxurious aircraft fleets in the world. Backed by unparalleled award-winning safety programs and overseen by a leadership team with wide-ranging experience in commercial and private aviation operations and management, Jet Edge delivers excellence in aircraft management, charter management, on-demand charter, aircraft sales, and maintenance. More information can be found at www.flyjetedge.com.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Cara Major and Miles Radcliffe-Trenner
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