H.I.G. Capital Completes Acquisition of Flight Options

    Flight Options Announces an Order for Nearly $1 Billion Worth of Phenom
300 Aircraft from Embraer

    MIAMI, November 30 /CNW/ - H.I.G. Capital, LLC, a leading global private
equity firm, announced today that it has completed the previously announced
acquisition of Flight Options LLC from Raytheon Company. Terms were not
disclosed. In conjunction with the closing of the transaction, Flight Options
announced it has placed an order for nearly $1 billion worth of Phenom 300
light-jets with Embraer. The best-in-class Phenom 300 features unmatched
amenities and low operating costs. The aircraft was specifically engineered
for high utilization and reliability; characteristics that make it a perfect
match for the fractional aircraft ownership market. The transaction provides
strong evidence of the continued growth of the private jet industry, and
spotlights Flight Options' emergence as the industry's leading innovator.

    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 the 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

    "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. "The Embraer order, by far the largest in Flight
Options' history, is an example of this commitment and will continue to
modernize our fleet and provide our customers with best in class aircraft."

    "We are very excited about the future of Flight Options in the dynamic
private jet aviation market," said Doug Berman, Executive Managing Director of
H.I.G. "We are partnering with an exceptional team and we share their vision
of providing innovative solutions and the highest levels of value, service and
safety. Our goal is to grow the business and the Phenom 300 order is just the
first step in our long term plan. We look forward to making a mark in the

    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

    --  Rotorcraft Leasing Company, the largest privately-held helicopter
operator in the Gulf of Mexico region with a fleet of approximately 100
helicopters. Rotorcraft 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.

    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

    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,
Executive Managing Director, 305-379-2322 dberman@higcapital.com or Bret
Wiener, 305-379-2322 bwiener@higcapital.com

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