Flight Options has 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. The aircraft order was finalized 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 sent an unmistakable signal that H.I.G. supports the growth of Flight Options and is looking to take the Company, which already has the world’s second largest dedicated private jet fleet, to the next level. The firm order consists of 100 aircraft to be delivered over the next ten years with options for another 50 aircraft. The first delivery is scheduled to occur in late 2009.
“This aircraft order demonstrates Flight Options’ commitment to providing our customers the highest levels of innovation and value available in private aviation today,” 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.” Scheeringa continued, “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.”
Doug Berman, a managing director at H.I.G., commented, “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. Our intention is for Flight Options to be the most innovative, forward-looking and professional company in private aviation.”
Frederico Fleury-Curado, Embraer president and CEO, commented, “Together, Flight Options and the Phenom 300 are changing the face of private aviation. We’ve developed an ideal jet for the next generation of private air travel, and we’re gratified we have the ideal business partner bringing the first order to market.”
The best-in-class Phenom 300 features unmatched amenities and low operating costs. The aircraft was specifically engineered for high utilization and reliability; characteristics that make it a perfect match for the fractional aircraft ownership market. Powered by Pratt & Whitney Canada’s PW535E engines, the Phenom 300 has a range of 1,800 nautical miles with four passengers. The airplane has a maximum operating speed of Mach 0.78, is designed for short field takeoff performance and is capable of flying at 45,000 feet (13,700 meters).