DALLAS, Sept. 5, 2013 /PRNewswire/ -- (www.flexjet.com) After 18 successful years as Bombardier's fractional jet ownership division, Flexjet today announced a definitive agreement for its purchase by a group led by Directional Aviation Capital through a newly-formed entity, Flexjet, LLC. With support from its new investors, Flexjet is placing the largest private aviation order in its history valued at approximately $5.2 billion for up to 245 Bombardier business jets. The transaction for the sale of Flexjet is expected to close by the end of the year.
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"This opportunity marks the evolution of the next generation of Flexjet, placing us in a position to work with an exceptional group led by Directional Aviation Capital, an investment firm focused on our core business, with the resources needed to ensure a strong future powered by the latest technology," said Deanna White, President, Flexjet. "Flexjet remains committed to providing owners with exceptional private travel experiences, while maintaining the highest standards of flexibility. We look forward to offering our owners and their guests access to the newest, most advanced aircraft available."
"Flexjet is an extremely well-run, profitable business known for its unmatched focus on owner experience and operational excellence," said Kenn Ricci, Principal, Directional Aviation Capital. "Our vision for Flexjet is of a luxury brand with a young fleet, the latest technology, custom interiors and continued industry-defining service. That vision inspired this transaction and landmark order with Bombardier. There is tremendous opportunity for a bespoke brand in the private travel market and Flexjet, with its enhanced fleet, is uniquely suited to fill that void."
The firm order includes 85 business jets, featuring next generation Challenger 350, Challenger 605 and Learjet 75 jets, and the highly anticipated Learjet 85 aircraft. The agreement also includes options for an additional 160 business jets. Fractional shares are now available, with some aircraft deliveries beginning in 2014.
"With this historic order, Flexjet will remain a leading Bombardier customer and manager of the world's largest collection of the manufacturer's private jets," added Ricci.
When the transaction closes, Deanna White will continue to lead Flexjet through the next chapter of growth and evolution. Flexjet will continue to be run as an independent brand, with even more resources available to fulfill its promise of offering exceptional travel experiences to owners each and every flight.
This development emerges during a momentous period of growth for Flexjet, which is reporting a 96 percent increase of new fractional and jet card sales in January to June 2013 compared to the same period in 2012. In the first six months of this year, sales of new fractional shares increased a notable 112 percent, while new jet card sales grew a solid 68 percent.
As a result of this growth, Flexjet is hiring pilots and employees to satisfy the increasing demand. This year, Flexjet also marks the 50th anniversary of Learjet with a nationwide tour featuring the Learjet 85 model, and the 10th anniversary as the first private aviation provider to manage the Challenger 300 aircraft, celebrated as the world's best-selling super mid-size jet. Flexjet, the world's second largest fractional jet ownership services provider, currently manages one of the youngest collections of aircraft in the fractional jet industry – averaging approximately six years of age – which will be refreshed with each new aircraft delivery.
For more information, please visit flexjet.com or call 1-800-FLEXJET.
About Flexjet
Richardson, Texas-based Flexjet first entered the fractional jet ownership market in 1995. Flexjet now offers whole aircraft ownership and management, fractional jet ownership, jet cards and charter brokerage services. Flexjet's fractional aircraft program is the first in the world to be recognized as achieving the Air Charter Safety Foundation's Industry Audit Standard, and Flexjet is the first and only company to be honored with its 14th FAA Diamond Award for Excellence. Flexjet's fractional program fields an exclusive family of Bombardier business aircraft – one of the youngest in the fractional jet industry with an average age of approximately six years – including the Learjet 40 XR, Learjet 45 XR, Learjet 60 XR, Challenger 300 and Challenger 605 business jets. For more details on innovative programs and flexible offerings, visit www.flexjet.com.
Flexjet has an approved fractional ownership program pursuant 14 C.F.R. Part 91, Subpart K, and manages flights for individual aircraft owners under Part 91 whole aircraft management program.
All jet card flights are operated under Part 135 by U.S. air carriers. The Flexjet 25 Jet Card Program is operated under Part 135 by Jet Solutions, LLC, a U.S. air carrier. Flexjet acts as an agent for Jet Solutions, LLC, in connection with the Flexjet 25 Jet Card program. With regard to all other jet card flights, Flexjet acts as an agent for the air carrier or the customer in arranging transportation operated under Part 135 by the U.S. air carrier. Flexjet acts as an agent for the customer with on-demand charter broker services when arranging transportation operated under Part 135 by U.S. air carriers.
About Directional Aviation Capital:
Directional Aviation Capital is a private investment firm whose singular focus is private business aviation. Combining strategic aviation ownership, unmatched experience and revolutionary vision, Directional continues to innovate and reshape private aviation. Directional's unique industry expertise enables them to quickly understand business aviation companies and provide the financing and operational strategy needed to take advantage of evolving market opportunities. For more information, visit www.directionalaviation.com.
Bombardier, Challenger, Challenger 350, Challenger 605, Flexjet, Flexjet 25, Learjet, Learjet 40 XR, Learjet 45 XR, Learjet 60 XR, Learjet 75 and Learjet 85 are trademarks of Bombardier Inc. or its subsidiaries.
SOURCE Flexjet
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