Solace Capital, a Los Angeles private-equity firm, has invested $60 million in equity in Jet Edge International, the private-jet company.
Jet Edge will use the cash to grow through acquisitions and organically, both in the US and internationally. It is also looking to offer new services to customers.
The company manages a fleet of more than 50 large-cabin and super-midsize aircraft. It is one of the world’s largest Gulfstream operators. Jet Edge’s headquarters are at Van Nuys airport in Los Angeles, and it recently added new hangars and office space at Teterboro Airport near New York.
“The new partnership between Jet Edge and Solace Capital is about continuing our commitment to offering our clients the highest levels of service and safety,” said Jet Edge CEO Bill Papariella. “With a strong position in key markets including Southern California, Florida, and the New York metropolitan area, we are excited to continue to build our footprint and portfolio of services for our customers, and are thrilled that Solace Capital supports our vision of becoming a global force in the industry.”
Investment bank Jefferies was exclusive financial advisor to Jet Edge. Michelman & Robinson were legal advisers to Jet Edge, and O’Melveny & Myers advised Solace Capital.
“Jet Edge is a market leader in private aviation and is well-positioned within the fastest-growing segments of the industry,” said Christopher Brothers, Managing Partner at Solace Capital. “We are pleased to support the company through its next phase of growth.”