Ripplewood Holdings has distributed all of its 27.6 million shares in its portfolio company Gogo, which provides in-flight connectivity, to limited partners in its funds. Along with the distribution, three Ripplewood directors — Tim Collins, Lawrence Lavine and Christopher Minnetian — resigned from the Gogo board.
Gogo Inc. (Nasdaq: GOGO), a leading provider of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions, announced today that Ripplewood Holdings, one of Gogo’s two private equity sponsors, has distributed all 27.6 million of its shares of Gogo common stock to its funds’ limited partners. Following the distribution, Oakleigh Thorne and entities affiliated with Mr. Thorne will continue to own approximately 29% of outstanding Gogo common shares.
“We continue to believe that Gogo has a very bright future as a leader and pioneer in the in-flight connectivity and digital entertainment solutions markets, and we have been extremely pleased by the performance of the company and the success of our investment in Gogo,” said Timothy C. Collins, Ripplewood’s founder. “This share distribution was made to provide our limited partners with greater flexibility to achieve liquidity.”
Simultaneous with the share distribution, three Ripplewood directors resigned from the Gogo board. The resigning directors are Timothy C. Collins, Lawrence Lavine and Christopher Minnetian. These resignations reduce the number of directors on the board to eight, and the Gogo nominating and corporate governance committee intends to promptly consider whether to fill any or all of these newly created vacancies.
Oakleigh Thorne said “I have great confidence in the Gogo business model and management team and continue to be impressed by the Company’s performance and growth. I am confident in the long term prospects for Gogo and our investment in the company.”
“On behalf of all of us at Gogo, I would like to thank Ripplewood for its tremendous support of Gogo since they first invested in us in 2006 and Tim, Larry and Chris for their contributions to the board, their insights and their professionalism,” said Michael Small, Gogo’s president and chief executive officer.
Gogo is the global leader of in-flight connectivity and wireless in-flight digital entertainment solutions. Using Gogo’s exclusive products and services, passengers with Wi-Fi enabled devices can get online on more than 2,000 Gogo equipped commercial aircraft. In-flight connectivity partners include American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Frontier Airlines, Japan Airlines, United Airlines, US Airways and Virgin America. In-flight entertainment partners include American Airlines, Delta Air Lines, Scoot and US Airways. In addition to its commercial airline business, Gogo provides its communications services to passengers on more than 6,500 business aircraft.
Back on the ground, Gogo’s 600+ employees in Itasca, IL, Broomfield, CO and London are working to continually redefine flying as a productive, socially connected, and all-around more satisfying experience. Connect with Gogo at www.gogoair.com, on Facebook at www.facebook.com/gogo and on Twitter at www.twitter.com/gogo.