Existing Equity Investors Acquire Key Air Debt; Transaction Ensures Key Air's Long-Term Financial Stability and Facilitates Growth StrategyOXFORD, Conn., Dec. 28 /PRNewswire/ -- The principle equity investors (led by Rizvi Traverse Management) of Key Air, a leading national provider of FBO services and best-in-class aircraft management and worldwide executive charter services, has recently acquired all of Key Air's debt in a recapitalization transaction. The transaction will enable Key Air to successfully restructure its balance sheet with no disruption to the business and will provide additional working capital to enable Key Air to execute on its growth strategy in 2010 and beyond. Key Air has implemented several recent organizational initiatives, including the hiring of key industry personnel, implementation of specialized customer service programs and expansion of its facilities and support centers nationwide.
"This transaction demonstrates the importance of having a strong financial sponsor," says Brad D. Kost, President and CEO of Key Air. "By restructuring Key Air's balance sheet, the Company is financially well-positioned to continue investing in building a strong national presence and infrastructure so that we can continue our growth plan into 2010 and beyond."
Key Air experienced significant growth in 2009 and added 12 managed aircraft to its certificate, bringing the total number of aircraft under management to 28. Key Air saw a sizeable increase in aircraft based at Key Air NY Metro (OXC) in Oxford, CT and also in other national locations. Several Dassualt Falcon aircraft were added to both its Key Air NY Metro (OXC) and Key Air Twin Cities (ANE) locations and are currently available for charter. Key Air also added hangar facilities and client support at Van Nuys Airport in Van Nuys, California to provide its West Coast customers access to aircraft management and charter services.
"We have streamlined our internal processes and added key personnel to enhance our client service and aircraft on-boarding processes, now adding aircraft to our fleet in an even more efficient manner," Mr. Kost continues. "We also now have self-conformity authority from the FAA, ensuring that we can get our new clients' Part 135 aircraft flying and generating revenue quickly."
Key Air also experienced considerable growth in their FBO operations in 2009, adding a record number of hangar and office tenants in each of its three FBO locations: Key Air NY Metro (OXC) in Oxford, CT; Key Air Twin Cities (ANE) just outside Minneapolis-St. Paul, MN; and Key Air South Florida (FPR) in Ft. Pierce, FL. "We have invested significant dollars in further developing our U.S. infrastructure and now have our domestic hub system in place to better service our clients," Kost adds.
About Key Air
Key Air has Fixed Base Operations and private aviation terminal space in strategic locations nationwide to provide a seamless private air travel experience. With convenient proximity to major U.S. cities like New York, Boston, Minneapolis-St. Paul, Palm Beach and Los Angeles, Key Air can deliver a more efficient and streamlined alternative to the often congested airports in each of these locations. Key Air's three FBO facilities include: Key Air NY Metro (OXC) in Oxford, CT; Key Air Twin Cities (ANE) just outside Minneapolis-St. Paul, MN; and Key Air South Florida (FPR) in Ft. Pierce, FL. And now, with the addition of a Southern California location, Key Air Southern California (VNY), Key Air is well positioned to offer clients nationwide access to a vast range of Key Air services.
For more than 20 years, Key Air has provided stability, experience and unsurpassed customer satisfaction. As an industry leader in worldwide charter and aircraft management, Key Air offers a full range of support and services. The company's dedication to client satisfaction, safety and security is unmatched in the industry. With close business relationships with vendors throughout the U.S., Key Air is known for their consistent attention to detail, dependability and knowledgeable, dedicated professionals. Through extensive experience with all facets of executive aviation, Key Air has established an impeccable reputation for providing perfect flying conditions to a variety of individuals and corporations.
For more information about Key Air and its offerings, contact 888.KEYAIR.1 or visit www.KeyAir.com.
"This transaction demonstrates the importance of having a strong financial sponsor," says Brad D. Kost, President and CEO of Key Air. "By restructuring Key Air's balance sheet, the Company is financially well-positioned to continue investing in building a strong national presence and infrastructure so that we can continue our growth plan into 2010 and beyond."
Key Air experienced significant growth in 2009 and added 12 managed aircraft to its certificate, bringing the total number of aircraft under management to 28. Key Air saw a sizeable increase in aircraft based at Key Air NY Metro (OXC) in Oxford, CT and also in other national locations. Several Dassualt Falcon aircraft were added to both its Key Air NY Metro (OXC) and Key Air Twin Cities (ANE) locations and are currently available for charter. Key Air also added hangar facilities and client support at Van Nuys Airport in Van Nuys, California to provide its West Coast customers access to aircraft management and charter services.
"We have streamlined our internal processes and added key personnel to enhance our client service and aircraft on-boarding processes, now adding aircraft to our fleet in an even more efficient manner," Mr. Kost continues. "We also now have self-conformity authority from the FAA, ensuring that we can get our new clients' Part 135 aircraft flying and generating revenue quickly."
Key Air also experienced considerable growth in their FBO operations in 2009, adding a record number of hangar and office tenants in each of its three FBO locations: Key Air NY Metro (OXC) in Oxford, CT; Key Air Twin Cities (ANE) just outside Minneapolis-St. Paul, MN; and Key Air South Florida (FPR) in Ft. Pierce, FL. "We have invested significant dollars in further developing our U.S. infrastructure and now have our domestic hub system in place to better service our clients," Kost adds.
About Key Air
Key Air has Fixed Base Operations and private aviation terminal space in strategic locations nationwide to provide a seamless private air travel experience. With convenient proximity to major U.S. cities like New York, Boston, Minneapolis-St. Paul, Palm Beach and Los Angeles, Key Air can deliver a more efficient and streamlined alternative to the often congested airports in each of these locations. Key Air's three FBO facilities include: Key Air NY Metro (OXC) in Oxford, CT; Key Air Twin Cities (ANE) just outside Minneapolis-St. Paul, MN; and Key Air South Florida (FPR) in Ft. Pierce, FL. And now, with the addition of a Southern California location, Key Air Southern California (VNY), Key Air is well positioned to offer clients nationwide access to a vast range of Key Air services.
For more than 20 years, Key Air has provided stability, experience and unsurpassed customer satisfaction. As an industry leader in worldwide charter and aircraft management, Key Air offers a full range of support and services. The company's dedication to client satisfaction, safety and security is unmatched in the industry. With close business relationships with vendors throughout the U.S., Key Air is known for their consistent attention to detail, dependability and knowledgeable, dedicated professionals. Through extensive experience with all facets of executive aviation, Key Air has established an impeccable reputation for providing perfect flying conditions to a variety of individuals and corporations.
For more information about Key Air and its offerings, contact 888.KEYAIR.1 or visit www.KeyAir.com.
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