Ricci and Partners Raise Their Stake in Flight Options

[HSDriver]

[FONT=Verdana, Arial, Helvetica, sans-serif]Ricci and Partners Raise Their Stake in Flight Options[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]
[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]Directional Capital, an investment firm led by Flight Options chairman Kenn Ricci, private-equity firm Resilience Capital Partners and “key members” of the Flight Options management team have made an additional investment in fractional provider Flight Options. H.I.G. Capital, which acquired the Cleveland-based company in November 2007, also remains an investor, but to what degree remained unknown at press time. Neither a Flight Options spokesman nor Ricci was available to comment on whether Directional, Resilience and the associated management team–combined–are now the majority owners of Flight Options. “We are confident that increasing the involvement of Kenn Ricci and the management team that helped pioneer the private aviation industry will result in a stronger company,” said Steve Rosen, co-CEO of Resilience Capital. Ricci founded the fractional provider in 1998 but left in 2003 after selling it to Raytheon. He returned to Flight Options as chairman last July, just three months after he and Resilience acquired a “minority share” in the company. Flight Options currently has a fleet of more than 110 aircraft and more than 1,400 owners and jet-card members



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[Voice Of Reason]

[FONT=Verdana, Arial, Helvetica, sans-serif]Ricci and Partners Raise Their Stake in Flight Options[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]
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uke:

 

[clickclickboom]

I know many dont agree but I always enjoyed working for Ricci both at Corporate Wings and Flight Options. I think anything is good news for you guys right now.

Best of luck and hang in there guys !!

 

[ProFracPilot]

Let me preface this by saying there's a first time for everything, but KR usually doesn't invest or purchase a business to part it out. He may change how it looks and operates, but I can't think of a buisness where he went in and then just shut the doors. I view his having more control in FlOps as being a good thing, and continue to be cautiously optimistic.

 

[Ticker]

Good luck y'all. I hope it works out.

 

[shanes123]

profracpilot..he did that when he was running mercury..got it sold off to Atlantic..

 

[jonjuan]

Local aviation company gets first look at billion dollar aircraft investment

http://www.wkyc.com/news/local/news_article.aspx?storyid=110217

Is that a machine gun on that thing?

 

[FR8DOG777]

Why yes it is a machine gun, that's how their gonna blow the competition away.

It will be great for p.r. Pizzed off underpaid overworked pilots who can't afford dental or health insurance for our kids. Of course our B.E.W. will fluctuate depending on how many 50 cal rounds we have left, haven't got that one worked out just yet.............

 

[ProFracPilot]

profracpilot..he did that when he was running mercury..got it sold off to Atlantic..

I disagree, Shane. KR did not sell off all the assets, then close the doors of his FBO's while leaving people without jobs. It appears he actually bundled the FBO properties he had acquired (Mercury, CWI SBN - CGF, IX-Jet, etc.) and then sold them as a package (employees and all) to Atlantic - probably at their peak value. I'd guess he made a handsome profit doing so. Smart move, if you ask me.

 

[RNObased]

I disagree, Shane. KR did not sell off all the assets, then close the doors of his FBO's while leaving people without jobs. It appears he actually bundled the FBO properties he had acquired (Mercury, CWI SBN - CGF, IX-Jet, etc.) and then sold them as a package (employees and all) to Atlantic - probably at their peak value. I'd guess he made a handsome profit doing so. Smart move, if you ask me.

Oh god, lay off the KR Kool-Aid. You need to speak with someone who worked for Mercury before KR came, during his reign of BS and after he sold the company to Atlantic. The amount of hatred these people have for him is awe inspiring.

You may think it is a great deal that he up his stakes in something, you would be in the minority.