Charter provider JetDirect Aviation has said it will receive an infusion of private equity capital by the end of this month that is expected to “enable us to begin bringing our client obligations more current prior to closing.” JetDirect President Jake Cartwright, who also headed TAG Aviation before that unit was acquired by JetDirect, has retired. JetDirect also revealed its plans to divest of Presidential Jets and Sunset Aviation-returning control of those companies to their former owners. According to research firm UBS Investment Research, business jet flight activity fell by 12 percent in 2008 compared with 2007. The month of November saw the steepest decline last year, plummeting 25 percent compared to 2007 numbers.
JetDirect Tells of Private Equity Backing in the Wings
Key Takeaways:
- JetDirect Aviation anticipates a private equity capital infusion by month-end to help meet client obligations, coinciding with the retirement of its president, Jake Cartwright.
- The company plans to divest Presidential Jets and Sunset Aviation, returning control of these companies to their former owners.
- These changes occur as business jet flight activity experienced a significant decline, falling 12% in 2008 and 25% in November compared to 2007.
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