JetBird (Ireland) - Dec 2007

Claret Capital has led a €21m second funding round for low-cost jet operator JetBird, in a deal which values the business at approximately €101m. The financing, which also includes contributions from a number of private investors, follows on from an initial investment by Claret of around €4m in 2006. The funding, which was substantially oversubscribed on its target of €15m, will be used to provide pre-delivery payments for the first batch of 25 new best-in-class Embraer Phenom 100 aircraft. With an order in place that will eventually see the business own and operate a fleet of 100 aircraft, JetBird will require more financing in the future, although it is now adequately capitalised to meet its medium-term objectives.

Company

When it commences operations in April 2009, JetBird will become the first pan-European, low-cost executive jet taxi operator. The business intends to operate a unique business model that provides the best qualities of private jet travel, including vastly reduced check-in times and flexible take-off and landing schedules, for up to 50% less than current branded operators. The Dublin-based business was founded in 2006 and currently employs five staff, with current business plan projections indicating that it will be cash positive within a year of the launch of its service.

People

Dómhnal Slattery led the investment for Claret Capital and is also the chairman of JetBird. Stefan Vilner is the CEO of the company.

Sourced from: UK & Ireland unquote" 361 (Jan 2008)

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