Private Equity Injection To Buoy JetDirect Aviation
By the end of next month, JetDirect Aviation expects to close a deal with a private-equity firm “with significant private aviation experience” that will see the charter/management company backed by a new control investor, according to a letter sent to JetDirect clients last week. This follows JetDirect’s selling its three FBOs and unwinding recent acquisitions by selling Presidential Jets and Sunset Aviation back to their original owners. The private-equity investment is expected to close by the end of next month “pending due diligence and documentation.” According to companies contacted by AIN, JetDirect still faces problems paying vendors on time. “Our current investors will begin providing interim capital,” the letter stated, “to enable us to begin bringing our client obligations more current prior to closing.” JetDirect added that company president Jake Cartwright has retired. Cartwright joined JetDirect after the company bought assets of TAG Aviation USA 13 months ago. “Jake’s leadership has been critical through this most difficult period,” wrote chairman and CEO Greg Campbell, who is now also president.