Private equity firm KKR is to invest US$40 million into Ohio, USA-based charter operator aviation service provider Jet Edge International.
Jet Edge operates the largest fleet of Challenger and Gulfstream aircraft available for charter in the USA. The investment follows KKR’s $150 million credit investment in the Company announced earlier this year.
The total available aircraft for charter in Jet Edge’s fleet by the end of this year will be 74, 38 Challengers and 36 Gulfstreams, following its fleet expansion earlier this year.
The new investment will support the growth of Jet Edge’s Reserve membership program and expanding fleet. Jet Edge will also continue to make advancements in its technology and infrastructure, including an optimized scheduling systems, AI-based programs to maximize fleet efficiency, and a mobile application.
“We are pleased to invest in the growth of Jet Edge as a premier scaled private aviation operator with a leading membership program and world-class super-mid and large cabin fleet,” said Dan Pietrzak, partner at KKR. “At a time when the private aviation industry is experiencing historically high demand, the Jet Edge team continues to impress us with its innovative solutions to age-old inefficiencies and strong operational execution.”
“We’ve successfully executed numerous growth initiatives driven by KKR’s initial financing and are excited to continue to build our platform with this new investment,” said Bill Papariella, CEO of Jet Edge. “We will continue to invest heavily in technology and back-end infrastructure to enhance the customer experience and help us stay ahead of evolving client demands amid rapid membership growth.
“This financing speaks to KKR’s continued confidence in our business plan to deliver scaled private aviation solutions and we look forward to being able to provide even more clients unique access to our industry leading fleet across all major markets in the United States.”
Jet Edge said it has achieved 1,800% year-on-year growth in new member acquisitions over the past 12 months and recorded over US$100 million in membership deposits.
The latest investment will support the growth of its Reserve membership, which offers priority access to its aircraft and benefits with partner brands.