Jet Edge International, an Ohio-based private aviation company, raised $75 million of funding from credit funds and accounts managed by KKR. The new funding expands KKR’s total credit and equity investments in Jet Edge to approximately $265 million over the past year. Jet Edge will utilize the funding from KKR to further expand its Gulfstream and Challenger fleet.
Following an initial $150 million credit facility in June 2021, KKR has continued investing in Jet Edge amidst demand for its direct-to-consumer reserve membership program, including a $40 million investment in September 2021.
“With KKR support, Jet Edge has grown the reserve membership program to record numbers,” Bill Papariella, CEO of Jet Edge, said. “KKR’s most recent investment in Jet Edge speaks to its confidence in our mission to deliver scaled private aviation solutions with industry-leading service and new capital to support those efforts with continued fleet growth.”
Jet Edge has 20 additional Gulfstream and Challenger aircraft slated to be delivered in the first half of 2022 in addition to the 27 it had delivered in 2021. With the new deliveries, the company will have a total of 95 aircraft.
“In a challenging environment, the Jet Edge team are executing on their strategy and have delivered impressive growth for the business in 2021 while maintaining a disciplined operating platform that puts their customers first,” Patrick Clancy, director at KKR, said. “We are excited to increase our investment in order to further support the growth of Jet Edge’s fleet as they continue to expand their innovative reserve membership and AdvantEdge product lines.”
In the past 12 months, Jet Edge has achieved 1,800% year-over-year growth in new member acquisitions.
