Jet Edge International, the Ohio-based private aviation company, has raised an additional $75 million of funding from credit funds and accounts managed by KKR. The new funding expands KKR’s total credit and equity investments in Jet Edge to approximately $265 million over the past year.
Following the initial $150 million credit facility announced in June 2021, KKR has continued investing in Jet Edge amidst historic demand for its direct-to-consumer Reserve Membership program. Jet Edge will utilize the funding to further expand the company’s extensive large-cabin and super mid-size fleet.
“With KKR, Jet Edge has been able to grow considerably at a time when the private charter marketplace is experiencing unprecedented demand,” comments Jet Edge International CEO Bill Papariella. “KKR’s most recent investment in Jet Edge speaks to its confidence in our mission to deliver scaled private aviation solutions with industry leading service to our clients.”
The latest round of capital for Jet Edge follows the company’s successful launch of its Reserve jet card membership program. Jet Edge added 27 additional charter aircraft to its fleet in 2021, with 20 more aircraft slated to be added in the first half of 2022, bringing its total to 95 private jets.
Patrick Clancy, Director at KKR, said: “The Jet Edge team continues to execute on their strategy and have delivered very impressive growth in 2021. We are excited to increase our investment in order to further support the growth of Jet Edge’s fleet as they continue to build on their innovative business model.”
In the past 12 months, Jet Edge has achieved 1,800% year-on-year growth in new member acquisitions. With over $180 million in membership deposits in 2021, Jet Edge has solidified the company’s national footprint while providing a solid foundation to grow future membership programs.