Flight Options Founder Ricci Returns to Company
Two new investors have invested in HIG Transport Holdings, the holding company that owns Cleveland-based fractional-share provider Flight Options. Resilience Capital Partners, based in Cleveland, and Directional Aviation Capital of nearby Richmond Heights now own a minority stake in HIG Transport Holdings. Both Kenn Ricci, principal for Directional Aviation, and Steve Rosen, cofounder of Resilience Capital Partners, will join the HIG Transport Holdings board of directors. Ricci was one of the founders of Flight Options in 1998. He left the company in February 2003 as Flight Options was in the process of being taken over by Raytheon, which had earlier sold the Raytheon Travel Air fractional company to Flight Options. Raytheon sold Flight Options to HIG Capital this past November. Directional Aviation projects include aircraft modification firm Nextant Aerospace, Corporate Wings and Air Services. Resilience Capital Partners’ “investment philosophy is focused on principal investing in lower middle market underperforming and turnaround situations.” A fractional industry insider recently told AIN that Flight Options has not sold any shares so far this year, but a Flight Options spokeswoman denied this claim.