October 21ST, 2015, Miami
New research1 from Boca Raton based Global Jet Capital, a provider of financing solutions for large-cabin, long-range private jets, reveals there are around 2,100 business aircraft in Florida. This is the second largest fleet of business aircraft in the United States after Texas (which has around 2,780 business aircraft).
Global Jet Capital’s research shows there are more business aircraft in Florida than in six of the seven most advanced economies in the world – Japan, Germany, the United Kingdom, France, Italy and Canada. On a regional level, Fort Lauderdale has the largest number of registered business aircraft in Florida, with 321 aircraft, followed by Miami (198) and West Palm Beach (98).
| Country | Business aviation fleet |
| Florida (US) | 2,100 |
| Canada | 1,548 |
| Germany | 747 |
| United Kingdom | 596 |
| France | 504 |
| Japan | 291 |
| Italy | 213 |
Shawn Vick, Executive Director of Global Jet Capital, is attending the Corporate Jet Investor Miami 2015 show this week (21st – 22nd October) along with over 250 senior level financiers, brokers, lawyers, manufacturers, operators and other business aviation professionals.
Commenting on the Florida business aviation market, he said: “This is one of the biggest in the world. We help finance the purchase of larger business aircraft, and our analysis reveals that there are 735 mid to large business jets in Florida alone, and 75 of these were delivered between 2010 and 2014. These aircraft can cost between $25 million and $75 million, and typically up to around 80% of the funding to purchase them is sourced from external parties like us.
“We currently have around $1 billion to lend to clients looking to buy larger business aircraft, and we are placing a huge focus on Florida.”
Global Jet Capital recently agreed to purchase the aircraft lease and loan portfolio of GE Capital Corporate Aircraft in the Americas representing approximately $2.5 billion of net assets. The company, which was launched last year, is capitalized by three global investment firms – GSO Capital Partners, a Blackstone company in partnership with Franklin Square Capital Partners*; The Carlyle Group; and AE Industrial Partners.
The company’s current management team and executive committee is composed of leaders from business jet manufacturers, maintenance and service providers and leading financial institutions who have served the private aircraft industry for a combined 200-plus years and have completed over 3,500 aircraft transactions. As part of this transaction, the GE Capital Corporate Aircraft team will join the Global Jet Capital organization.
Global Jet Capital was advised by Deutsche Bank Securities Inc., BofA Merrill Lynch and Citi together with Latham & Watkins LLP, Clifford Chance US LLP and Kirkland & Ellis LLP as legal advisors. Closing is contingent upon the completion of customary closing conditions and is expected to occur in stages over the next several months.
Notes to editors
1Global Jet Capital analysis of JetNet (14th October 2015)
*Investment to be made by funds advised or sub-advised by GSO Capital Partners and Franklin
Square Capital Partners or their respective affiliates, as applicable.