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  • XOJET Secures $363 Million in Equity and Debt Financing

    September 28th, 2007 No comments

    XOJET, the worlds fastest-growing private aviation company, recently announced the close of $143 million in equity and debt financing from TPG and Lehman Brothers GPS, and an additional $220 million in aircraft lease financing from Lehman Brothers GPS. Advised by Morgan Stanley, this investment will allow XOJET to meet expanding customer demand for its innovative private jet ownership, leasing and on-demand solutions. XOJET will leverage the additional capital to grow its operations and expand its fleet to serve its rapidly expanding customer base. XOJET funding raised to date now totals $542 million.

    As part of the investment, XOJET said that David Bonderman, founding partner, TPG; David Siegel, chairman and CEO, Gate Gourmet; and William E. McGlashan, Jr., partner and managing director, TPG Growth, will join the XOJET board of directors, bringing proven experience in growing enterprises across multiple industries.

    We are pleased to align with investment partners with such strong track records in aviation. TPG brings unique strength and experience to our company, said Paul Touw, president and CEO of XOJET. Although customer demand for private jet travel has never been higher, there has been no significant innovation in this industry since fractional ownership was introduced more than 20 years ago. XOJET has completely changed this dynamic, and this financing positions us to continue our aggressive growth.

    This recent financing news is the latest in a series of announcements made by XOJET at the National Business Aviation Association (NBAA) convention this week. Earlier the company announced the acquisition of 30 Cessna Citation X jets and 80 Bombardier Challenger 300 jets with a combined market value of $2.5 billion. These orders will increase XOJETs fleet to 127 super-midsize jets by 2012. With an unmatched value proposition for frequent private jet travelers, XOJET has raised more than $322 million in debt and equity financing, more than doubled revenues each year since inception, and obtained a yearly employee growth rate of over 160 percent, becoming the worlds fastest-growing private aviation company.

    Global demand for private jet travel continues to grow more than three times the rate of the broader economy, said Mr. Bonderman. After studying this substantial $33 billion global industry, TPG concluded that XOJETs model is well positioned to take advantage of growth opportunities by delivering top quality service cost-effectively.

    TPG is a leading global private investment firm with more than $30 billion of capital under management. The firm has been active in the commercial airline industry for more than a decade, with investments in Continental, America West and Ryanair. Most recently, TPG announced a major investment in Midwest Air Group. The XOJET investment marks TPGs first investment in private aviation.

    In a market where business travelers are increasingly switching from commercial aviation to private aviation, XOJET brings a game-changing approach to the table that puts the customer first while increasing efficiency, lowering costs and generating profits, commented Mr. McGlashan. At a time when fractional growth has stagnated and commercial carriers are focused on cost-cutting, XOJET has rapidly distinguished itself as the most dependable, simple and cost-effective way to fly privately.

    XOJET is the first company to provide a complete range of private jet ownership, leasing and on-demand travel solutions built especially for the most frequent business jet fliers. The companys strategy is to combine the service, access and exclusivity of owning a jet with the efficiencies and operational rigor of successful commercial airlines. XOJETs customers include more than 500 executives, leading corporations and influential individuals for whom flying private is essential.

    For more information, please visit www.xojet.com

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