JetNet sells majority stake to up growth capital
Aviation market intelligence and data company JetNet has sold a majority stake for an undisclosed amount to Boston-based growth investment firm Silversmith Capital Partners.
JetNet said it plans to use the funding to expand its offering, invest in sales and marketing and scale up its workforce. The deal marks the first time that JetNet has partnered with an investor.
Three members of Silversmith will join JetNet’s board of directors alongside JetNet’s minority owner Tony Esposito and CEO Greg Fell. The board includes: co-founder and managing partner Jim Quagliaroli, vice president Ned Kingsley and senior associate Becca Katzen.
“Since my father founded the company 34 years ago, we have built JetNet with a relentless focus on our customers and our culture,” Esposito said. “In Silversmith we found a partner who not only brings the experience we need to continue to grow, but also shared [our] values.”
Quagliaroli said: “JetNet has done an exceptional job building a best-in-class solution that customers love. The JetNet platform powers day-to-day operations of thousands of customers around the world and we are excited to support the company in its next phase of growth.”
Chicago-headquartered law firm Kirkland & Ellis advised Silversmith on its majority stake acquisition. Silversmith now has a portfolio of 24 data and information services companies.
In 2018, JetNet celebrated its 30th anniversary by debuting its new aircraft valuation and utilisation intelligence features, collaborating with aircraft valuation specialists Asset Insight.