Morten Beyer & Agnew advises White Oak on $65m investment in Surf Air

Morten Beyer & Agnew (“mba”) was retained by White Oak Global Advisors to provide fleet and financial due diligence support in preparation of their investment for Surf Air’s purchase of 15 new Pilatus PC-12 NG aircraft. White Oak Global Advisors provided Surf Air with a senior secured facility in the amount of $65.0m. Surf Air currently serves five destinations in California. Members of the club-based airline are charged a monthly fee and afforded unlimited non-stop flights to destinations served by the airline. Surf Air’s immediate expansion plans include additional destinations within California, as well as other regional markets throughout the U.S. Surf Air established an exclusive partnership with the manufacturer and has firm orders for 15 Pilatus PC-12 NG aircraft with deliveries commencing this year and running through 2016. In addition to the 15 firm orders, Surf Air maintains an option for 50 additional aircraft with deliveries scheduled through 2019. Currently, Surf Air is the only North American club-based operator utilizing the PC-12 NG aircraft.