Flight Options, LLC, a leading provider of private-jet services,
announced that the Company 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).
About Flight Options
Flight Options, LLC, has earned a reputation as a leader and
innovator within the private aviation industry. The Cleveland,
Ohio-based company will mark its 10th Anniversary in 2008 and offers
the complete spectrum of programs from Fractional First(TM) ownership
to leasing, aircraft management, and JetPASS Ultimate Travel
Membership. The company is an industry leader in private aviation
safety as well, having been selected by the FAA to partner and
participate in the development and implementation of a formal Safety
Management System (SMS) soon to be required for all air service
providers. Flight Options provides personalized service to its Owners
and Members, with a fleet of over 140 aircraft consisting of the
Hawker 400XP, Hawker 850XP, Citation X and Embraer Legacy. More
information is available at www.flightoptions.com or by calling
877.703.2348.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm
with more than $4 billion of equity capital under management. Based in
Miami, and with offices in Atlanta, Boston, and San Francisco in the
U.S., as well as affiliate offices in London, Hamburg and Paris in
Europe, H.I.G. specializes in providing capital to small and
medium-sized companies with attractive growth potential. H.I.G.
invests in management-led buyouts and recapitalizations of profitable
and well managed manufacturing or service businesses. H.I.G. also has
extensive experience with financial restructurings and operational
turnarounds. Since its founding, H.I.G. has completed more than 75
transactions. The firm's current portfolio includes companies with
combined revenues in excess of $7 billion. For more information,
please refer to the H.I.G. website at www.higcapital.com.
About Embraer
Embraer (Empresa Brasileira de Aeronautica S.A. - NYSE: ERJ;
Bovespa: EMBR3) is the world's largest manufacturer of Commercial jets
up to 120 seats, and one of Brazil's leading exporters. Embraer's
headquarters are located in Sao Jose dos Campos, Sao Paulo, and it has
offices, industrial operations and customer service facilities in
Brazil, the United States, France, Portugal, China and Singapore.
Founded in 1969, the Company designs, develops, manufactures and sells
aircraft for the Commercial Aviation, Executive Aviation, and Defense
and Government segments. The Company also provides after sales support
and services to customers worldwide. On June 30, 2007, Embraer had a
workforce of 23,637 employees and a firm order backlog of US$ 15.6
billion.
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