Los Angeles-based Jet Edge International has acquired 27 super midsize and large cabin private jets. The announcement comes just a little over two months after the charter operator announced it had secured a $150 million line of credit from KKR.
The move comes in a market where demand is outstripping supply. One aircraft broker says he was able to flip a Gulfstream jet like the ones Jet Edge picked up for a $5 million profit within a week.
Jet Edge, which mainly manages aircraft for owners, and often buys jets and sells them to clients, who then make them available in its charter fleet, will hold on to its newest additions, says the company’s CEO, Bill Papariella. “We need all of the capacity for our charter customers.”
Jet Edge is spending $1.2 million on the super midsize jets and $1.8 million on the large cabin aircraft, installing Gogo 4G streaming Wi-Fi, USB ports, Airshow upgrades, inflight entertainment options, sound systems, and Bluetooth connectivity. It is also debuted branded exteriors.
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