Embraer Wins 100-Aircraft Order for Phenom 300

Flight Options, newly acquired by Miami private-equity firm H.I.G. Capital, has ordered 100 Embraer Phenom 100 light jets and optioned 50 more, in a deal valued at nearly $1 billion. The aircraft, now under development, is yet to fly. Flight Options is due to receive its first Phenom 300 in 2009 and deliveries are planned to continue through 2017. Credit: Embraer

Private-jet service provider Flight Options has ordered nearly $1 billion-worth of Embraer Phenom 300 light jets.

Flight Options' firm order is for 100 aircraft, and includes options for another 50 Phenom 300s. The first delivery is scheduled to occur in late 2009 and deliveries continue through till 2017.

The aircraft order was finalized as Miami-based private equity firm H.I.G. Capital closed its purchase of Flight Options from Raytheon Company, in a deal first announced in October.

Flight Options said in a statement that the Phenom 300 order "sent an unmistakable signal that H.I.G. supports the growth of Flight Options and is looking to take the company, which already has the world’s second largest dedicated private jet fleet, to the next level."

Embraer, which has become one of the world's top four commercial jet manufacturers over the last decade, engineered the Phenom 300 (and its smaller very-light-jet sister the Phenom 100) to offer high utilization and reliability, characteristics that are particularly suitable for the fractional jet ownership market in which Flight Options has a sizeable presence.

Powered by Pratt & Whitney Canada PW535E engines, the Phenom 300 has a range of 1,800 nautical miles carrying four passengers. The airplane has a maximum operating speed of Mach 0.78, is designed for short-field takeoff performance and is capable of flying at 45,000 feet (13,700 meters).

Cleveland, Ohio-based Flight Options will mark its 10th anniversary in 2008. It offers private-jet leasing, aircraft management and a jetcard charter program in addition to its fraction-ownership services.

The company was selected by the FAA to partner in the development and implementation of a formal Safety Management System (SMS) soon to be required for all air service providers.

Flight Options operates a fleet of more than 140 business jets. Its fleet includes the Hawker 400XP, the Hawker 850XP, the Citation X and the Embraer Legacy 600, an executive-jet version of the Embraer 135 regional jet.

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