For the first time in its 34-year history, JETNET is looking to outside investors to spur expansion. On Tuesday, the aviation-market intelligence company announced that a Boston-based growth-equity firm has secured a majority-growth investment partnership.
JETNET officials said in a statement that the cash injection from Silversmith Capital Partners will help expand the company's product footprint, invest in sales and marketing and grow its staff.
With data on more than 110,000 airframes, Utica, New York-based JETNET works with aircraft operators, owners and manufacturers to provide the business aviation industry with intelligence on pricing, availability, and location of mission-critical aviation resources.
Three members of Silversmith will join JETNET's board of directors: Managing Partner Jim Quagliaroli, Vice President Ned Kingsley, and Senior Associate Becca Katzen.
"As a profitable, growing business providing data and information services to a global market, JETNET is exactly the type of business which Silversmith seeks to support," Kingsley said about the partnership.
They will serve alongside minority owner Tony Esposito and CEO Greg Fell. Esposito said he is thrilled about the next chapter of what started as a family business.
"Since my father founded the company 34 years ago, we have built JETNET with a relentless focus on our customers and culture," he said. "Partnering with an investor for the first time was not a decision we took lightly. In Silversmith, we found a partner who not only brings the expertise we need to continue to grow but also shares the values that have served as the company's foundation."RELATED STORIES:Former leader at Display Social, COO at Gama Aviation to be first CEO of JETNET One graph from JETNET shows where we are right now in the storm of business jet salesFell was hired in December 2021 as the first CEO in the company's history. In a statement, he explained why he is taking on the role."I made the decision to join JETNET because as a long-time user of the company's services, I believed that the platform was not only the best product offering in the industry but that it was well positioned to see continued organic growth across many end markets," said JETNET Chief Executive Officer, Greg Fell. "Silversmith's extensive experience in helping information companies accelerate growth both organically and inorganically will be invaluable to our team as we look to expand our research capabilities and global footprint."
A statement released by JETNET announcing the investment did not disclose any of the financial terms.