Former NetJets CEO Back in Aviation

A year to the day after stepping down as CEO of NetJets, Richard Santulli announced the launch of a helicopter and business jet leasing company called Milestone Aviation Group. The aim is for Milestone to become a multibillion-dollar leasing firm for helicopter operators that are too heavily leveraged to expand or bid for contracts. While the company will also offer private jet leasing, some 80 percent of the business will be focused on helicopters serving offshore, aeromedical and public service markets.

Milestone is starting with $500 million of operating capital provided by private equity firm The Jordan Company, in partnership with Nautic Partners. Milestone will purchase aircraft on behalf of operators and then lease them to the customers. William Kelly, former CEO of NetJets Europe, is Milestone's CEO. 

Santulli, 66, founded fractional share company NetJets in the mid-1980s and then sold the business to Warren Buffett's Berkshire Hathaway in 1998 for $725 million. Amid deepening financial difficulties, Santulli left NetJets on Aug. 4, 2009, ceding the reigns of power to David Sokol, a top Berkshire lieutenant often mentioned as the heir apparent to Buffett. 

Before launching NetJets, Santulli was in charge of equipment leasing for Goldman Sachs Leasing and founded helicopter-leasing company RTS Helicopters.