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http://www.bizjournals.com/southflor...2/daily38.html
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H.I.G. Capital LLC said it plans to buy
Raytheon Co.'s luxury jet division.
The Miami-based private equity firm said it is buying Cleveland-based Flight Options LLC for an undisclosed amount. It expects the deal -- which is subject to government approval -- to close by the end of the year.
Flight Options is a private jet aviation company that runs a fleet of 130 luxury aircraft. Business and high-net-worth individuals can enter into partial ownership programs of the jets, and Flight Options offers a JetPass prepaid card plan for travelers.
Flight Options also began offering aircraft management services this year.
In 2002, Waltham, Mass.-based Raytheon formed a joint venture with Flight Options Inc. by contributing its Raytheon Travel Air fractional ownership business and a $20 million loan to create Flight Options LLC. Raytheon became the full owner of Flight Options by buying out the remaining equity interest in 2005 for an undisclosed amount.