Jet Edge, which specializes in the management of large and super-midsize aircraft, says it will use the funds for “a number of strategic initiatives.”
Jet Edge, a major player in the management of super-midsize and large-cabin private jets, said it has secured a $60 million investment from Solace Capital Partners to support its continued growth. The company said it has “grown significantly over the past several years.” It now has a fleet of 50 large-cabin and super-midsize aircraft, including Bombardier, Dassault, Embraer, and Gulfstream jets in its managed fleet with 425 employees.
Jet Edge is planning a jet card
And yes, a jet card program is coming to Jet Edge. An official tells Private Jet Card Comparisons, “We will indeed be releasing a product around our floating fleet.” He declined to provide any details about its structure or timing of the launch.
Six Gulfstream G550s
A large cabin jet card program from Jet Edge could be a winner. The company is ARGUS Platinum, Wyvern Wingman and IS-BAO Stage 3 certification, the highest levels for each. According to the Jet Edge website, it currently has 40
In addition maintenance for its own fleet Jet Edge owns and operates a Part 145 certified repair station servicing Gulfstream, Bombardier, Cessna, and Hawker Beechcraft aircraft, based in Van Nuys, California.
Strong position in Southern California, Florida and New York
“The new partnership between Jet Edge and Solace Capital is about continuing our commitment to offering our clients the highest levels of service and safety,” said Jet Edge CEO Bill Papariella. “With a strong position in key markets including Southern California, Florida, and the New York metropolitan area, we are excited to continue to build our footprint and portfolio of services for our customers, and are thrilled that Solace Capital supports our vision of becoming a global force in the industry.”
“Jet Edge is a market leader in private aviation and is well-positioned within the fastest-growing segments of the industry,” said Christopher Brothers, Managing Partner at Solace Capital. “We are pleased to support the company through its next phase of growth.”
Jefferies LLC served as the exclusive financial advisor to Jet Edge. Michelman & Robinson LLP served as legal advisor to Jet Edge and O’Melveny & Myers LLP served as legal advisor to Solace Capital. Solace Capital’s has approximately $640 million of assets under management with offices in Los Angeles and New York.
Large cabin jet card competitors
While both NetJets and Flexjet offer large cabin and long-range jets via their fractional and leasing programs, it typically means a commitment of three to five years. Flexjet has no large-cabin aircraft in its jet card program while NetJets’ jet cards are limited to the Gulfstream GIV types. VistaJet offers large and long-range jets via its owned fleet, while only a handful of management companies (Delta Private Jets, Jet Aviation, Jet Linx Aviation, Solairus Aviation, and Dumont Group) feature large-cabin jets on a guaranteed availability basis with fixed one-way rates. Executive Jet Management (part of NetJets) and Clay Lacy both offer fixed rates, but not guaranteed availability.
Though numerous broker programs offer large cabin options, a guaranteed availability program with one-way pricing without a long-term commitment from a leading management company will certainly be interesting. Only time will tell what type of jet card program Jet Edge comes out with, so we will look forward to the news.