XOJet Inc., a private aviation company sponsored by TPG Capital, has secured $470 million in new funding. This includes $100 million in equity and a $370 million debt facility. TPG and Abu Dhabi-based Aabar co-led the deal. Last year, XOJet secured $2.5 billion in new financing to expand its fleet and better compete with rival NetJets (including approx. $85 million in new equity).
Today, at the National Business Aviation Association’s Annual Conference, business aviation leader XOJET announced financing totaling US$470 Million. This consists of US$100 million in equity and a more flexible debt facility of $370 Million that allows for the purchase of either new or used aircraft on a global basis. Financing is being led by TPG, a Fort Worth based private equity firm, and Aabar, an Abu Dhabi based investment firm. XOJET will use the additional capital to expand its operations to meet the growing demand for quality business aviation services and low risk, high quality, cost efficient alternatives to fractional ownership.
“This latest round of financing is evidence of the growing confidence in XOJET’s operating model,” said David Siegel, CEO of XOJET. “We uniquely offer what customers now demand and other operators simply cannot provide – a low risk, high quality, cost efficient alternative to fractional ownership without ever compromising on service quality or safety.”
XOJET’s recently announced Membership with “Best Price” uniquely offers clients all the benefits of being in a guaranteed-availability program with no upfront share purchase while, at the same time, providing pricing advantages that can come with market-rate charter. “XOJET has a unique market advantage. Since we own and operate our own fleet of aircraft we can give you an apples to apples charter quote – on demand,” said Siegel. “There’s no need to comparison shop, no need to deal with multiple brokers or operators and no need to risk quality, consistency or reliability. We’ve taken all of the guesswork out of the process.”
XOJET is the only private aviation company that can credibly offer this type of service and provide customers with total assurance that they are receiving the best pricing possible on our fleet. XOJET serves corporate flight departments, private businesses and high net worth individuals.
XOJET has earned the distinguished Platinum rating from Aviation Research Group/US (ARG/US) for the company’s rigorous operational standards. The rating is widely recognized as the ultimate acknowledgement of excellence in operational practices and flight safety standards, and is the highest-level safety audit rating in private aviation.
Founded in 2006, XOJET has quickly become one of the world’s fastest growing private aviation companies, built on a unique business model that combines private jet ownership, membership and charter travel and a singular focus on providing the highest level of customer service at every point of the client’s experience. XOJET is backed by TPG, a leading global private investment firm with over $45 billion of capital under management.
XOJET’s award-winning, in-house safety and maintenance program rivals the world’s best commercial airlines, and has earned the highest ranking in four key categories – more than any other operator – from Aviation Research Group. XOJET has also been named a Robb Report “Best of Private Aviation” winner and one of Inc. Magazine’s fastest growing companies. For more information, visit www.xojet.com or call 888-759-6538.