Jet Edge receives $75m more in funding from KKR
Jet Edge International has raised an additional $75m of funding from credit funds and accounts managed by KKR. The new funding brings the total investments from KKR in Jet Edge to nearly $265m over the past year.
Following an initial $150m credit facility announced in June 2021, KKR has continued investment amidst “historic demand” for its reserve membership programme. Jet Edge will use the funding to grow its large-cabin and super mid-size fleet to meet the demand.
“With KKR, Jet Edge has been able to grow considerably at a time when the private charter marketplace is experiencing unprecedented demand,” comments Jet Edge International CEO Bill Papariella. “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 to our clients.”
Jet Edge added 27 additional charter aircraft to its fleet in 2021, with 20 more aircraft slated to be added in the first half of 2022, bringing its total to 95 private jets.
Patrick Clancy, director at KKR, said: “The Jet Edge team continues to execute on their strategy and have delivered very impressive growth in 2021. We are excited to increase our investment in order to further support the growth of Jet Edge’s fleet as they continue to build on their innovative business model.”
In the past 12 months, Jet Edge has achieved 1,800% year-on-year growth in new member acquisitions. It has also accumulated more than $180m in membership deposits last year.