Flexjet, the Ohio-headquartered private aviation business, has received what it describes as ‘the largest equity investment in the history of private aviation’.
The $800 million capital injection has come from a consortium of investors led by L Catterton, an affiliate of LVMH. Other members of the consortium include KSL Capital Partners (a private equity house specialising in travel and leisure), as well as the J. Safra Group (a conglomerate controlled by Vicky Safra and family).
The money will be used to support what Flexjet describes as its ‘continuing vision to significantly transform the private jet flight experience’.
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‘Enhancing and broadening the breadth and depth of what services it controls is a key focus of Flexjet’s vision, as well as creating exclusive access to luxury experiences and products, such as its partnerships with Ferretti Group’s Riva Yachts and Bentley Motors,’ the company said in a statement.
Just as Rolls-Royce Motor Cars refers to itself as a ‘House of Luxury’ rather than just a carmaker, Flexjet says it is rising to the challenges laid down by its UHNW clients and providing service and lifestyle opportunities extending beyond point-to-point flying.
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‘Flexjet’s vision includes a more bespoke experience that begins with access through private terminals and ends with providing unique access to destinations, products and curated events that are not available outside of the Flexjet community,’ the statement said. The firm added that it is ‘responsive to the latest demands of its clients, which includes more demand for larger aircraft and international flights.’
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Founded in 1995, Flexjet has recently partnered with brands such as Riva and Bentley to create limited edition interiors for its jets and helicopters.
Further tie-ups with other major luxury brands could soon be cleared for takeoff. ‘L Catterton, with its special relationship with LVMH and its family of brands, provides the perfect opportunity for collaborating in areas such as consumer insights, brand strategies, retail expansion, and luxury product delivery,” said Kenn Ricci, Flexjet’s Chairman.
The opportunity for Flexjet to build deeper relationships with its UHNW clients extends to their experience at private jet terminals; the firm has a total of 11 private jet terminals either currently operating or in development. This includes London Farnborough which is expected to open early 2026.
Private jet usage has been on the rise in recent years, with demand for private air travel increasing markedly during the pandemic and receding little since. In the UK alone, a private jet takes off every six minutes.
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The number of private jets increased by 28 per cent and the distance flown jumped by 53 per cent between 2019 and 2023, according to the journal Communications Earth & Environment. Private jet charter broker BlackJet estimates there’s around 23,000 operational private jets, with 15,000 of these being based in the US.
The private jet charter services market is valued $16.38 billion and forecast to reach USD 24.02 billion by 2030, according to Mordor Intelligence.
Flexjet runs a fleet believed to comprise more than 300 aircraft, both jets and helicopters. That includes Embraer Phenom 300, Praetor 500 and 600, Bombardier Challenger 350/3500 and the Gulfstream G450 and G650. Flexjet’s European fleet includes the Embraer Praetor 600 and the Gulfstream G650. Flexjet owns, operates and maintains its global fleet of Sikorsky S-76 helicopters.
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NetJets is the biggest player in its market, with an estimated 1,000 aircraft. Competitor VistaJet has around 250. They operate similar business models, a variation upon ‘fractional ownership’, charging customers a subscription fee which sees them pay in advance for a defined number of hours flying per year.
‘Flexjet epitomizes our category-first approach and, although they are celebrating their 30th anniversary this year, their history is one of never settling in pursuit of thoughtful innovation to best fulfill the desires of the consumers within their unique and exciting marketplace,’ said Scott Dahnke, Global CEO of L Catterton – which manages $37 billion of equity capital – speaking on behalf of the consortium.
In its statement, the firm indicated that its existing major shareholders – Directional Aviation, a private investment firm founded by aviation entrepreneur Ricci, which acquired Flexjet in 2013 – would retain a controlling interest.
Jefferies, Morgan Stanley & Co. LLC, and Goldman Sachs acted as co-advisors to Flexjet.
