Jet Edge International acquires 27 super midsize and large cabin private jets

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 addition of 11 Challenger 300 and 350 super midsize jets, five large cabin Challenger 650s and 11 Gulfstream G450s was a surprise since the airplanes weren’t acquired in a single deal, but on a one-by-one basis beginning in January.

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.

Wayne Starling, executive director of the International Aircraft Dealers Association says, “We have buyers with funds to purchase, but demand for late model aircraft with attractive configurations exceeds supply.”

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 $1.8 million to refurbish each of its newly acquired Gulfstream G450s, and 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.

Papariella says the plan was originally hatched a year ago when he began to sense the surge in private flying was only going to increase. Since June, charter and fractional operators have been recording flying levels as much as 30% higher than 2019’s pre-pandemic levels. All of the newly acquired aircraft will be flying by the Christmas holidays.

However, that’s not all. Papariella says Jet Edge is working on its first-ever order for new jets directly from a manufacturer. The order will be for between 15 and 20 super mid and large cabin aircraft with deliveries to start by the end of next year. Source: Jet Edge International press release.