Published on : Thursday, December 19, 2013
Gogo, a leading provider of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions, announced today that Ripplewood Holdings, one of Gogo’s two private equity sponsors, has distributed all 27.6 million of its shares of Gogo common stock to its funds’ limited partners. Following the distribution, Oakleigh Thorne and entities affiliated with Mr. Thorne will continue to own approximately 29% of outstanding Gogo common shares.
“We continue to believe that Gogo has a very bright future as a leader and pioneer in the in-flight connectivity and digital entertainment solutions markets, and we have been extremely pleased by the performance of the company and the success of our investment in Gogo,” said Timothy C. Collins, Ripplewood’s founder. “This share distribution was made to provide our limited partners with greater flexibility to achieve liquidity.”
Simultaneous with the share distribution, three Ripplewood directors resigned from the Gogo board. The resigning directors are Timothy C. Collins, Lawrence Lavine and Christopher Minnetian. These resignations reduce the number of directors on the board to eight, and the Gogo nominating and corporate governance committee intends to promptly consider whether to fill any or all of these newly created vacancies.
Oakleigh Thorne said “I have great confidence in the Gogo business model and management team and continue to be impressed by the Company’s performance and growth. I am confident in the long term prospects for Gogo and our investment in the company.”
“On behalf of all of us at Gogo, I would like to thank Ripplewood for its tremendous support of Gogo since they first invested in us in 2006 and Tim, Larry and Chris for their contributions to the board, their insights and their professionalism,” said Michael Small, Gogo’s president and chief executive officer.
Source:- Gogo Air
Tags: Airline News