April 15, 2005

Sentient buys Atlantic Aviation
By Christine Idzelis

Sentient Jet Inc., a private-jet membership company, has purchased Atlantic Aviation Flight Services from private equity firm Voyager Group for an undisclosed amount.

Teterboro, N.J.-based Atlantic Aviation Flight Services manages and charters executive aircraft and provides acquisition services.

Steven Hankin, CEO of Sentient, said the purchase gives the company a stable source of aircraft to keep up with its rapid growth.

He would not disclose revenues or earnings of either company.

Norwell, Mass.-based Sentient is owned by private equity fund TH Lee Putnam Ventures, Hankin said.

Sentient provides its members access to business aircraft in the continental U.S., Mexico and the Caribbean within 10 hours of a request. It also offers worldwide jet services.

Sentient turned to James Fitzsimmons of Budd Larner for legal advice.

On the seller's side, Jeffrey Koeppel of Elias, Matz, Tiernan & Herrick provided transactional counsel, while George R. Fox of Pittsburgh-based Pietragallo, Bosick and Gordon LLC served as corporate counsel.

A spokesman for Pittsburgh-based Voyager Group said the firm originally purchased Atlantic Aviation in March 2003, but would not reveal how much it originally invested.

Hankin said the business of private-jet membership services is likely the fastest growing segment in private aviation. It's popular because, unlike the so-called fractional business in which ownership of a jet is divided into pieces, there is no ownership or operational risk involved. Sentient created the niche in 1999, he said.

"Our membership card works like a debit card," Hankin said, "When you burn through it you have to re-up."

Voyager Group operates Voyager Jet Center at Allegheny County Airport in Pittsburgh and Yellowstone Jetcenter at Gallatin Field in Bozeman, Mont.

Calls to Scott Galdi, president of Atlantic Aviation, were not returned.