H.I.G. Capital to Acquire Flight Options



    MIAMI, October 25 /CNW/ - H.I.G. Capital, LLC, a leading global private
equity firm based in Miami, Florida, announced today that it is acquiring
Flight Options LLC from Raytheon Company. Terms were not disclosed.

    Flight Options, headquartered in Cleveland, Ohio, is a leading private
jet aviation company that operates a fleet of 130 luxury aircraft to provide a
full suite of services to businesses and high net worth individuals. The
Company currently serves its customers primarily through fractional ownership
programs and its JetPASS pre-paid card plan. In 2007, Flight Options also
began offering aircraft management services - complementary offerings to
better leverage the Company's aircraft fleet and operating infrastructure.

    Flight Options has earned a reputation as a leader and innovator within
the private aviation industry with programs that emphasize customer service
and flexibility. The Company provides its personalized service to owners and
members from airport and FBO locations across United States and has
strategically located service and maintenance operations in Cleveland, Ohio;
Las Vegas, Nevada; Sacramento, California; Teterboro, New Jersey; and West
Palm Beach, Florida. Flight Options' current fleet consists of a full range of
aircraft types, including Hawker 400XP, Hawker 850XP, Citation X and Embraer
Legacy models. The Company is also an industry leader in private aviation
safety. Flight Options is the first fractional provider to implement the FAA's
Aviation Safety Action Program (ASAP) for its pilots and maintenance
professionals and the only fractional provider selected by the FAA to partner
and participate in the development and implementation of the next generation
Safety Management System (SMS), soon to be required for all air service
providers.

    "H.I.G. demonstrates a commitment to growth and excellence that mirrors
Flight Options' own values and approach and we look forward to working with
them to further grow the Company," said S. Michael Scheeringa, Chief Executive
Officer of Flight Options. "As part of this combined growth strategy, we are
also pleased to note that Flight Options is in final negotiations with Embraer
on a long-term aircraft supply agreement that will continue to modernize our
fleet and provide our customers with best in class aircraft."

    Doug Berman, a Managing Director of H.I.G., commented, "We view private
jet aviation as an attractive, growing market with strong underlying
fundamentals. Flight Options is uniquely positioned within its market to
benefit from these dynamics and we are excited to partner with an exceptional
management team to support the growth of Flight Options."

    H.I.G. Capital has extensive experience investing in the aviation
industry. Its current portfolio of companies includes:

    --  Amerijet International, a full-service global logistics and
transportation provider, offering scheduled air cargo service to 30
destinations in the Caribbean and Latin America, utilizing its fleet of Boeing
aircraft.

    --  Rotocraft Leasing Company, the largest privately-held helicopter
operator in the Gulf of Mexico region with a fleet of approximately 100
helicopters. Rotocraft is certified by the FAA to operate helicopter charters
and leases under an FAR 135 certification.

    --  Gemini Air Cargo, an air cargo ACMI operator with a fleet of MD-11
and DC-10-30 freighters.

    The transaction is subject to final government approval and is expected
to close before the end of calendar 2007.

    About Flight Options

    Flight Options is a leading provider of private aviation services in
North America. Flight Options has been a pioneer in the private jet industry
since the founding of predecessors Flight Options International in 1998 and
Raytheon Travel Air in 1997. The two predecessor companies combined operations
in 2002. Cleveland, Ohio-based Flight Options offers the complete spectrum of
programs from Fractional First(TM) ownership to leasing, aircraft management,
and JetPASS Ultimate Travel membership. The company is an industry leader in
private aviation safety as well, having been selected by the FAA to partner
and participate in the development and implementation of a formal Safety
Management System (SMS) soon to be required for all air service providers. For
more information please refer to the Flight Options website at
www.flightoptions.com.

    About H.I.G. Capital

    H.I.G. Capital is a leading global private equity investment firm with
more than $4 billion of equity capital under management. Based in Miami, and
with offices in Atlanta, Boston, and San Francisco in the U.S., as well as
affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes
in providing capital to small and medium-sized companies with attractive
growth potential. H.I.G. invests in management-led buyouts and
recapitalizations of profitable and well managed manufacturing or service
businesses. H.I.G. also has extensive experience with financial restructurings
and operational turnarounds. Since its founding, H.I.G. has completed more
than 75 transactions. The firm's current portfolio includes companies with
combined revenues in excess of $7 billion. For more information, please refer
to the H.I.G. website at www.higcapital.com.




For further information:

For further information: H.I.G. Capital, LLC, Miami Doug Berman,
Managing Director, 305-379-2322 dberman@higcapital.com or Bret Wiener,
305-379-2322 bwiener@higcapital.com

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H.I.G. CAPITAL, LLC

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