Press Release
Galen Air Merges with International Jet Management
McLean, VA – March 21, 2007 – Galen Capital Group, LLC, a subsidiary of Galen Capital Corporation, announced today they have successfully completed the merger of International Jet Management (IJM), a private charter jet company located in Virginia, and Galen Air, a privately-held subsidiary of Galen Capital Corporation. Galen has also completed a $12m credit facility with Bank of America and has begun a $6m private equity raise to be followed with a projected $20m additional raise.
"This has been an immense development for IJM and Galen; and without the work of our team, this would not have been done," said William P. Danielczyk, Chairman of Galen Capital Group, LLC. "I am very proud of IJM's leadership team, Alex Mack (President/CEO), Tom Rossomondo (VP/CFO), Bill Gard (VP/Director of Flight Operations) and Kress Latham (VP/Director of Maintenance). Their hard work and endurance throughout this transaction has paid off. I would also like to thank Mike Kane, Mark Beesley, Dr. Ian Reynolds and Joe Kelley for all of their hard work and a job well done, as well as Dr. Harry Jacobson for his instrumental efforts throughout this deal."
Galen is very pleased that the efforts of all parties in this merger have generated the resources necessary to take International Jet Management to a new level. It will be Galen's job to continue to work and support in helping the company reach greater shareholder value and continued growth in the future.
About Galen Capital Corporation
Galen Capital Corporation (www.galencc.com) is a merchant banking firm serving middle-market companies primarily in the healthcare industry. GCC offers a range of transaction execution and advisory services in the areas of M&A, leveraged buyouts, mezzanine, equity and debt financing, PIPE equity funds, and private & public placements. Headquartered in Washington, DC, the firm also has offices in Nashville, Tenn. and Los Angeles and San Diego, Calif.
About International Jet Management (IJM)
International Jet Management (www.ijmjets.com) is a private jet company providing aircraft charter, management, sales and maintenance services. Dedicated to the highest level of safety, IJM is committed to providing exceptional personalized service by an experienced management team with extensive aviation experience. Based out of the Dulles Jet Center at Dulles International Airport and Van Nuys Airfield in Los Angeles, Calif., IJM has locations across the nation in order to provide domestic and international private jet transportation services.
