Jet Edge International has agreed to buy JetSelect Aviation. The combined operator will have more than 85 business jets under management; making it one of the largest US business jet fleets.
JetSelect Aviation was founded by Robert Austin and is based in Columbus Ohio. Austin and all JetSelect’s staff will join Jet Edge International.
“The Jet Edge acquisition of JetSelect Aviation creates diversity in our managed aircraft fleet as well as expanding our domestic hub locations across the US,” Bill Papariella, Jet Edge’s CEO told Corporate Jet Investor. “The deal enhances both east and west coast as well as midwest and central operations [Dallas is one example].”
Jet Edge has focused on large – particularly Gulfstream aircraft – while JetSelect has focused on super-midsize jets. “The Bombardier Challenger series is one of the most sought-after fleet types globally and over half of the aircraft from JetSelect Aviation are Challenger 350/300 aircraft,” said Papariella. “JetSelect also has a seasoned veteran team that will continue to help support and grow the business.”
JetSelect will be integrated into Jet Edge. “As a leader in aviation, retaining valuable talent is always a priority and the JetSelect acquisition is an example of the importance of good talent,” says Papariella. “All key talent at JetSelect has been given two-year retainment bonuses.”
Private equity firm Solace Capital invested $60m in Jet Edge in February 2019. Jet Edge first started talks with JetSelect in August 2019. “Having a minority private equity sponsor has afforded us the opportunity to consistently be opportunistic about how we grow the business within aviation,” says Papariella. “We will continue to do that.”
“We are going to partner with every broker in the world” Bill Papariella, cover of Corporate Jet Investor Quarterly issue two, April 2019
Jet Edge raises $60 million – February 2019