Bombardier sells Flexjet fractional jet division

Flexjet RicciAircraft manufacturer Bombardier agreed the sale of its Flexjet fractional jet and jet card operation to a group led by Directional Aviation Capital.

The buyers have formed a new company, Flexjet LLC, which has placed the largest private aviation order in Flexjet's 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.

Flexjet will continue to be run by president Deanna White, who said: "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. 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."

Directional Aviation Capital is led by Kenn Ricci, who is also the founder of fractional jet operator FlightOptions. He said: "Flexjet is an extremely well-run, profitable business known for its unmatched focus on owner experience and operational excellence. 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.

"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.

www.flexjet.com


 

Posted:
6/09/13

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