Press Release
Issued by Jet Edge International.
October 29, 2012
Jet Edge International, one of the fastest growing aircraft management and charter companies in the U.S., has announced the completion of a $1.4 million Series B funding round. The new capital is intended to support the company's rapidly growing fleet, enhance the Jet Edge operational platform and enable future acquisitions.
The news comes on the heels of Jet Edge's joint venture with Asia Jet, which made Jet Edge the exclusive aircraft operator for all Asia Jet aircraft under the Federal Aviation Administration (FAA) registry.
"We're extremely pleased to wrap up this round of Series B funding, as it ensures our company is well-positioned for substantial and sustainable growth," said Jet Edge President Bill Papariella. "Jet Edge's operations framework is unmatched in the industry and the funding enables us to support the exciting fleet additions, as well as several strategic operational and infrastructural changes that will help further strengthen our platform and fuel that growth."
With 10 aircraft added year to date, Jet Edge has contracts to add four additional aircraft in the U.S. by December 15, 2012. Those additions include a Gulfstream IV, a Gulfstream IVSP and two Gulfstream G3s. Jet Edge will also add multiple Gulfstream G280s in 2013. The Jet Edge fleet will total 18 large cabin Gulfstream aircraft and one Lear 45 by year end.
Jet Edge is making industry-leading operational enhancements. The company shifted to IPAD electronic flight bags (EFB), which has streamlined operations and ensured consistency for pilots. Jet Edge is one of only a few companies in the industry to go paperless, meaning flight routing, mapping, and other critical in-flight information can be updated in real time for flight crew. In addition, Jet Edge was recognized for the successful implementation of the International Standard for Business Aircraft Operations (IS-BAO), received a Platinum safety rating from the Aviation Research Group/US (ARGUS) and recently hired Ben Walsh as the company's new safety director. Jet Edge is one of only 22 global providers that have received these recognitions.
Western Jet Maintenance, a subsidiary of Jet Edge International, was also awarded a Federal Aviation Regulation (FAR) Part 145 Repair Station Certificate from the FAA. The certificate has allowed Western Jet Maintenance to perform scheduled and unscheduled maintenance, repairs, and alterations on a number of aircraft models including: Bombardier Challenger 300; Learjet 31, 35, and 36; Cessna Citation X; and Hawker 750, 800XP and 900XP.
The move toward a wholesale business model highlights the infrastructure changes, with key sales personnel transitioning from Jet Edge to fleet and maintenance partner XOJET. The presence of Jet Edge co-founder D.J. Hanlon, as well as other Jet Edge sales executives, within XOJET is a byproduct of the change in focus to a wholesale operator and part of the growth strategy, and it strengthens existing relationships with aircraft broker clients who help provide flight lift on the fleet.
"We are excited for closer collaboration with Jet Edge as a result of D.J. and other former Jet Edge Sales execs being part of the team," said XOJET President Brad Stewart. "We look forward to continuing and fortifying our relationship."
"D.J. has been integral to our growth and, as a founding executive, will continue to bring unique revenue opportunities to the fleet and share in the long term upside," said Papariella.
Given the progression internally, operationally and in fleet size, Jet Edge will be well-positioned to serve large cabin and super mid size private flyers for years to come. The company will also continue to identify and evaluate future growth opportunities in order to maintain its emphasis on providing safe, convenient and state-of-the-art private air travel.
