Fractional-share provider NetJets (Booth 6656) is celebrating the 50th anniversary of the founding of Executive Jet Airways, a U.S. charter and management company that is NetJets’s corporate ancestor. The first celebration took place at an EBACE 2014 event yesterday, held with Bombardier at the static display.
Jim Christiansen, a giant in the business aviation industry, passed away last night at the age of 67. He led several large air charter firms, as well as NetJets, over his nearly 50-year career, most recently serving as vice president of business development at FlightSafety International.
First-quarter revenues at NetJets and FlightSafety International soared by 12 percent and 14 percent, respectively, according to parent company Berkshire Hathaway. Higher revenues at NetJets reflected increased sales of fractional aircraft and flight services revenues due to increased flight hours, while FlightSafety’s increase was the result of increased simulator training activity. Quarterly revenues at its services businesses, which include NetJets and FSI, increased by $284 million, to $2.4 billion, while profits climbed by $34 million, to $243 million.
NetJets accounted for more than a third of the revenue increase at Berkshire Hathaway’s “other service” businesses last year, according to the parent company’s year-end results released on Saturday. The division, which also includes FlightSafety International and several other non-aviation companies, saw revenues climb by $821 million, to $9 billion, with NetJets’ share rising by $288 million–up 7.5 percent year-over-year–thanks to higher sales of fractional aircraft shares.
Milestone Aviation Group (Booth No. 5114) and Sikorsky (Booth No. 2822) recognized two noteworthy achievements for the companies during opening day of Heli-Expo 2014.
A busy year for upheaval in the fractional ownership and closed-fleet private aviation sectors reached a crescendo in December when Flight Options parent company Directional Aviation Capital completed its $185 million acquisition of Bombardier’s Flexjet program.
On the heels of secured note private placement that brought in $575 million in cash earlier this week, helicopter lessor Milestone Aviation Group announced today that it has closed on an unsecured $200 million revolving credit line. This new facility increases Milestone’s unsecured borrowing capacity to $450 million and revolving borrowing capacity to $800 million.
Helicopter leasing firm Milestone Aviation Group announced today that it has attracted new financing worth between $600- and $750 million to fund “growth initiatives and acquisitions.” Since its founding by Richard Santulli three years ago, Milestone has acquired more than 100 aircraft worth $1.5 billion, placed orders and taken options for more new aircraft worth $2.2 billion and closed leases with 22 operators in 20 countries. Most of Milestone’s clients service the growing offshore oil and gas sector. The new financing comes from a consortium of global financial institutions.
Milestone Aviation Group, the helicopter leasing firm headed by NetJets founder Richard Santulli, closed a new $300 million credit facility yesterday. The company will use these proceeds to acquire and lease helicopters–including Sikorsky S-92s, Eurocopter EC225s and AgustaWestland AW189s and AW139s–valued at $400 million to affiliates of Bristow Group. The credit facility is the largest ever for a helicopter lessor, the company said.
Leasing company Milestone Aviation continued its buying binge here at Heli-Expo yesterday, announcing firm orders for 30 new Sikorsky S-92A and S-76D helicopters and options for 24 more. Both Milestone and Sikorsky declined to place a total value on the order and options. Deliveries run from now through 2017.
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