Flight Options' $1 Billion Embraer Phenom Order
Flight Options LLC was purchased on Nov. 30 by private equity firm H.I.G. Capital, and it placed on that day a firm order worth close to $1 billion for 100 Embraer Phenom 300 jets plus options for 50 more. The company currently operates 140 aircraft including the Hawker 400XP, Hawker 850XP, Citation X and Embraer Legacy. The new aircraft would be delivered over the next decade with first delivery currently scheduled for late 2009. Speaking for H.I.G., managing director Doug Berman said Flight Options staff "have engineered a remarkable success story over the past several years and we're committed to providing the resources that will ensure continued growth for the company." Speaking for Embraer, Frederico Fleury-Curado, the company's president and CEO, said "We've developed an ideal jet for the next generation of private jet travel, and we're gratified we have the ideal business partner bringing the first order to market." Designed to target the fractional ownership market, the Phenom 300 is touted by Embraer as a clean-sheet design that has resulted in a "best-in-class" offering that brings "unmatched amenities and low operating costs" plus high utilization and high reliability. The $6.65 million jet will cruise 1,800 nm with four passengers (it will carry up to nine people) and offers a maximum speed of 0.78 Mach with certification up to 45,000 feet.