Avantair Sells Phenom Positions To Executive AirShare

AINalerts » July 1, 2008
July 1, 2008, 11:53 AM

Central U.S. regional fractional provider Executive AirShare (EAS) last week signed an agreement to acquire 18 Embraer Phenom 100 delivery slots from Clearwater, Fla.-based Avantair, which offers shares in Piaggio Avanti twin turboprops. EAS also has an option to buy Avantair’s two remaining Phenom 100 positions. The move ends Avantair’s plans for the 20 very light jets, which the company ordered in October 2006. Under the deal, which was sanctioned by Embraer, EAS now has firm orders for 28 Embraer Phenom 100s and four Phenom 300s, with options on 12 more 100s and four more 300s. EAS’s first Phenom 100 will be delivered next June, 14 months earlier than the company’s original order for the VLJ. According to EAS chairman and CEO Robert Taylor, the deal will allow Avantair to focus on building its national program, while EAS can more quickly “expand our regional fractional program into new markets.” Kansas City, Mo.-based EAS currently operates four Beechjet 400As, five King Air 350s, five King Air C90Bs and a Beech Baron. The Beechjets are likely to be phased out after the Phenom 100s arrive, a company spokesman told AIN.

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