Surf Air Announces New Financing & Aircraft Purchases Amid Expansion Drive
TCG Press Release
August 13, 2014
LOS ANGELES - TCG portfolio company, Surf Air, has recently announced the closing a $65 million debt facility alongside a new $8 million equity round for the purchase of 15 new Pilatus PC-12 NG aircraft with an option to purchase an additional 50 planes over the next five years. The announcement comes as the company seeks to expand route coverage within California and awaits regulatory approval to begin operating across state lines and in new markets such as Texas, Florida, and the Northeastern US. The debt facility was provided by San Francisco-based White Oak Global Advisors, LLC and participants in the equity round included new and prior investors.
Earlier this year, Surf Air appointed Jeff Potter as the company's new Chief Executive Officer. Mr. Potter served as CEO of Frontier Airlines from 2002 to 2007, during which time he oversaw the airline's growth from five airplanes to more than 60 and more than $1 billion in revenues. He remained a Director of Frontier Airlines through 2010 and has most recently headed the private vacation club Exclusive Resorts.
Considered a potentially disruptive force in one of America's most complained about industries, Surf Air raised several major funding rounds from major VCs Anthem and NEA, along with numerous celebrities and angel investors. Flight operations launched in mid-2013 between Los Angeles, the Bay Area, and Santa Barbara, and have grown steadily with additional routes planned to key destinations such as Sacramento, Carlsbad, Orange County, Palm Springs, and Las Vegas.About Surf Air
Launched in mid-2013, Surf Air simplifies and enhances the flying experience through an exclusive all-you-can-fly monthly membership. Surf Air offers first-class service on executive aircraft to and from convenient local airports in Palo Alto, Santa Barbara and Los Angeles, with extended service to Monterey, Lake Tahoe, Palm Springs, and Las Vegas to follow. Operating out of local mid-sized airports, the company offers an affordable and sophisticated travel experience for frequent regional travelers. For more information, visit www.surfair.com.About Transworld Capital Group
Transworld Capital Group (TCG) provides cross-border strategic advisory and mergers and acquisition assistance to a diverse array of clients in the United States and across the Asia-Pacific Region. TCG also makes direct investments in select opportunities with unique cross-border value creation potential. With offices in Los Angeles, Shanghai and Hong Kong, we are uniquely positioned to help our clients and portfolio companies capitalize on opportunities which are not available in their home markets. TCG has set itself apart from other firms with an established track record of building industry-leading companies and completing several landmark transactions. More information can be found at www.transworldgroups.com.