Newly Acquired Flight Options Buying Phenom 300s
Flight Options late Friday simultaneously announced its finalized acquisition by Miami-based private equity firm H.I.G. Capital and an order for nearly $1 billion worth of Embraer Phenom 300 light jets. In a deal announced in late October, H.I.G bought the fractional provider from Raytheon Co. for an undisclosed sum. According to an H.I.G. Capital spokesman, there are no management changes planned at Flight Options. The fractional provider’s Embraer firm order is for 100 Phenom 300s to be delivered over 10 years starting in late 2009, with options for 50 more of the light jets. Embraer said the deal is the largest Phenom executive jet order and is worth $746 million and could reach $1.12 billion if all options are exercised. An additional agreement for a maintenance and support program is valued at more than $200 million. A Flight Options spokeswoman told AIN that the Phenom 300s will eventually replace the Hawker 400XP in its fleet. Hawker 400XPs will be phased out of the Flight Options line-up by 2017, she said.