Gogo Inc. 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.
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