JetBlue Airways (JBLU) Makes Minority Equity Investment in JetSuite

October 25, 2016 8:16 AM EDT

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JetSuite Inc., one of the largest private jet companies in the U.S., today announced that JetBlue Airways (NASDAQ: JBLU) has made a minority equity investment in the company, helping fuel its fast-growing JetSuiteX service.

JetSuiteX, now the fastest growing public charter company in the U.S., is changing the game in short-haul air travel by offering a private jet experience that is affordable and accessible to a broad audience. Signature elements of the experience include no lines, the ability to check in just 15 minutes before a flight, free Wi-Fi, free checked bags, free seat assignments, free drinks and free snacks.

JetSuiteX flies 30 passenger jets to/from Burbank, Calif., Las Vegas, San Jose, Calif., Carlsbad, Calif., Concord, Calif., Mammoth, Calif., and Bozeman Mont. – with more destinations and flights coming soon.

"We are delighted to have JetBlue join us as a strategic partner and shareholder. The partnership with JetBlue will allow us to accelerate our growth and we are excited to work together to deliver new and unique experiences for all JetSuite and JetBlue customers," said Alex Wilcox, chief executive officer, JetSuite.

"JetBlue and JetSuite share a passion for delivering a high-quality customer experience at a competitive price point in underserved markets," said Robin Hayes, president and chief executive officer, JetBlue. "Our investment in JetSuite makes sense as we continue to execute on our west coast plan and invest in innovative ideas that reflect the disruptive spirit of JetBlue."

The agreement provides for a JetBlue nominee to be appointed to the JetSuite board of directors.

Members of TrueBlue, JetBlue's customer loyalty program, are already able to earn TrueBlue Points on all JetSuiteX flights. Additionally, as part of JetBlue's plan to expand its customer base on the west coast and provide access to new geographies, the two companies plan to explore opportunities for further cooperation for the benefit of their customers, including new benefits for Mosaic customers in JetBlue's TrueBlue loyalty program.

JetSuite Inc. is among the largest private jet companies in the United States providing charter and scheduled-service flights. Through its charter business launched in 2009, JetSuite provides travelers access to a private jet experience at an attractive cost.

Goldman Sachs served as financial advisor to JetSuite for this transaction.

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