EVEREST FUEL MANAGEMENT COMPLETES SPIN-OFF FROM SENTIENT JET TO BECOME STANDALONE, INDEPENDENT COMPANY
Weymouth, MASS. - February 9, 2010 - Everest Fuel Management, LLC ("Everest") announced today that the company has completed its spin-off from Sentient Jet, LLC and will operate as an independent company. Everest is owned by Macquarie Global Opportunities Partners, L.P. ("MGOP"), which is an investment fund managed by the Macquarie Group (“Macquarie”) and which continues to own Sentient Jet. The foundation for Everest Fuel Management was created in December of 2008 when the fuel management program of Sentient Jet was combined with Everest Aviation Resources, Inc. The company has been operating as Everest Fuel Management since September 2009.
Everest has quickly become the leading provider of aviation fuel management to charter operators, flight departments and private aircraft owners. By leveraging the combined purchasing power of its network of participating aircraft, Everest delivers powerful savings on fuel purchases to its customers. In addition, the company provides a comprehensive approach to managing its customers’ fuel, with support and oversight through all stages of the transaction. Although now a separate company, Everest will remain as the fuel manager for Sentient Jet’s Preferred Operator Network and will also continue to manage Sentient’s FBO network.
Everest will continue to be led by Rob Lewis, who will serve as President. "Over the past few years we have sustained strong growth and developed a unique customer proposition, so the timing is right for Everest to stand on its own,” said Lewis. “The opportunity to operate as a standalone company will allow us to focus entirely on continuing this growth and delivering a world-class fuel management program to our clients."
Through funds that it manages on behalf of investors or as principal, Macquarie is a leading global investor and manager across a range of specialist asset classes around the world. In particular, Macquarie has significant experience managing and/or owning investments in the aviation industry including Maintenance Repair & Overhaul operations (MRO), airports, aircraft leasing and jet engine leasing. Michael Cook, Senior Managing Director of MGOP, said, "As a natural part of the business cycle, Everest has matured to a point where it is best served to operate as a standalone company and we are pleased to complete this spin-off and provide support for the company’s continued growth based on its outstanding position in the industry."
About Everest Fuel Management Everest Fuel Management is the leading provider of aviation fuel management services in North America. By leveraging the combined purchasing power of participating aircraft, Everest is able to deliver powerful savings on fuel purchases, with an average savings of $0.45-$0.55 per gallon compared to a flight department negotiating purchases on their own. In addition to savings, the company provides a comprehensive service that saves time for flight departments and allows crews to focus on their flight missions. This service includes real-time scheduling integration into the Everest system; shopping and negotiation through all available options without being limited to only certain vendors; coordination of fuel releases and other paperwork; monthly reporting; and post-transaction verification of quoted pricing. Visit www.everest-fuel.com for more information.
About Macquarie Global Opportunities Partners MGOP is an unlisted fund focused on making private equity investments in privileged cash flow businesses globally. Established in 2007, MGOP is managed by a subsidiary of Macquarie. Macquarie is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients, acting on behalf of institutional, corporate and retail clients and counterparties around the world. Macquarie Group Limited is listed in Australia (ASX: MQG).
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Media contacts: Anton Nicholas 917-679-8622
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