Goldman Sachs Invests In Adam Aircraft
Adam Aircraft Industries, of Englewood, Colo., announced on Tuesday the successful closing of a "significant investment" by GS Capital Partners 2000, a private fund managed by Goldman, Sachs & Co. Adam Aircraft did not announce the amount of the investment, but said it will be utilized to fund the FAA certification of its A500 twin and A700 light-jet models and to begin aircraft production. CEO Rick Adam, founder of the company and a former Goldman banker, said in a news release, "Having Goldman Sachs invest in our company is a tremendous benefit. In addition to access to capital, we will benefit from Goldman's knowledge of the aviation industry and their overall business expertise." (more)Sanjeev Mehra, a managing director at Goldman Sachs and now a board member of Adam Aircraft, said GS has been very interested in general aviation since investing in NetJets, which it sold to Warren Buffett's Berkshire Hathaway in 1998. The fund is Adam Aircraft's first significant outside investor, Reuters reported. The A500 six-seat push-pull piston twin is approaching FAA certification, Adam Aircraft said, and the A700 light jet is currently in the development stage.