Fractional jet provider Flight Options ordered nearly $1 billion worth of Phenom 300 light jets from Brazilian manufacturer Embraer. With this order Flight Options, which currently has a fleet of 140 planes, will add 100 jets to its stables beginning at the end of 2009 and has options to acquire 50 additional aircraft.

The order represents the largest Phenom executive jet order received to date by Embraer which also makes a very light jet model, the Phenom 100. The first 100 jets represent a $746 million purchase, but if options are exercised for the additional 50 planes, the value of the order would jump to $1.12 billion. Additionally, Embraer secured a $200 million deal for the maintenance and support of those aircraft, which will be delivered over the next ten years.

These days, jumbo-sized deals in the jet industry are becoming more common. In September, fractional ownership and charter jet company XOJet inked a deal to buy $600 million worth of Cessna aircraft.

Flight Options is already one of the biggest players in the fractional field with the second largest dedicated fleet of aircraft, but the move signals that the company is entering a new phase of growth. It was recently acquired by Miami-based private equity firm H.I.G. Capital and the Embraer order is nothing less than confirmation that the new cash infusion is being put to work.

“This aircraft order demonstrates Flight Options’ commitment to providing our customers the highest levels of innovation and value available in private aviation today,” said Flight Options’ chief executive officer S. Michael Scheeringa, in a company-issued press release. “This order is a defining moment for Flight Options, and represents, in turn, a commitment from H.I.G. Capital to the long term growth of this company.”

Flight Options which offers both fractional ownership, fractional jet cards and aircraft management services has a fleet of Hawker 400XP, Hawker 850XP, Cessna Citation X and Embraer Legacy jets. The Phenom 300 falls into the light jet category, but has a maximum flight range of 2,071 miles or 1,800 miles with four passengers. The aircraft, with interiors designed by BMW Group Designworks USA, seats up to seven passengers and has more luggage capacity than the Cessna and Hawker models currently in the fleet.