Forty jobs created at aviation group
Published 04/08/2010 | 16:47
A finance company which will fund the exclusive helicopter and private jet market is flying high with the creation of 40 jobs in Dublin.
Milestone Aviation Group is the first firm in the world to offer 100% financing for the lease of aircraft to corporate and Government bodies.
Its headquarters will be based in Dublin, where 40 high end positions will be filled in sales, finance and legal departments. Other operations will be based in Colts Neck, New Jersey and Columbus, Ohio.
Chief executive William Kelly, formerly of NetJets Europe, said its aircraft will not be whisking developers to the races but would instead be leased for search and rescue, gas and oil exploration and production and air medical services.
"Our entire management team has experience in running an aviation company, which helps us uniquely understand our customers' needs," said Mr Kelly.
Milestone secured 500 million US dollars (€380m) of equity capital from US middle-market private equity firm, The Jordan Company, which led the investor team in partnership with Nautic Partners.
Milestone chairman Richard Santulli boasts almost 40 years of experience the sector having invented the fractional jet ownership industry.
"Milestone brings together my experience in helicopters, private jets and finance to address an important and underserved market niche," said Mr Santulli.
"Starting a new business when I see a marketplace opportunity is what I love to do.
"Today, many good helicopter operators worldwide cannot get access to capital despite a demand for their services. At Milestone, we believe the quality of an operator should be defined by more than just its balance sheet."