Raytheon has sold Flight Options
10-25-2007, 10:12 AM
#1
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Raytheon has sold Flight Options
Here's a link to the story:
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.
http://www.bizjournals.com/southflor...2/daily38.html
============================
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.
10-26-2007, 02:54 AM
#4
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Position: DC-10 FO
Posts: 102
Originally Posted by citationdrvrmob
How many times does this make that the company has been sold within the past 5 years?
I guess technically they're both counted as FLOPS being sold.
10-29-2007, 08:53 AM
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Posts: 149
Originally Posted by correcting
I think FLOPS has just left the fractional business. My guess is that HIG uses their fleet to operate 135 charters instead.
Any ideas on how this affects negotiations? I'm sure it won't speed things up.
Any ideas on how this affects negotiations? I'm sure it won't speed things up.
They are trying to consolidate all of their 135 certs under one canopy (name). I think it's business as usual over there as of now. But that will definately change.
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