Expanding private membership airline Surf Air has ordered 15 new Pilatus PC-12 aircraft in a deal valued at $65 million.
Surf, with its main hub at Burbank Bob Hope Airport, will finance the aircraft with a $65 million loan from White Oak Global Advisors LLC, in San Francisco. The company has options on another 50 aircraft to be delivered over five years.
Surf Executive Chairman Sudhin Shahani said the funding and the new aircraft come at a time of significant demand for Surf’s product.
“Entering into an exclusive partnership with Pilatus with secured debt financing allows us to clearly define our growth trajectory and capture market share,” Shahani said in a prepared statement.
Surf offers an “all you can fly” model for $1,599 a month with flights from the Los Angeles area to Santa Barbara, San Carlos, and Las Vegas. The company has more than 900 members.
This year service started to Las Vegas and between San Carlos and Truckee, near Lake Tahoe. With the new aircraft on order, the company plans to expand to 13 other cities, including Palm Springs, San Luis Obispo, Oakland, and Mammoth Lakes.
Surf, headquartered in Santa Monica, also announced it received an additional $8 million in financing from new and current investors, including Los Angeles real estate developer Rick Caruso.