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Flexjet
Flexjet Headquarters in Richmond Heights, Ohio
IATA ICAO Call sign
— LXJ FLEXJET
Founded15 May 1995
(29 years ago) (1995-05-15)[1]
in Canada by Bombardier Aviation
AOC #J7SA150H
SubsidiariesFlairjet
DestinationsPoint to point
Parent companyDirectional Aviation
HeadquartersRichmond Heights, Ohio
Key peopleKenn Ricci, Chairman
Michael Silvestro, Chief Executive Officer
Websitewww.flexjet.com

Flexjet is an American provider of fractional ownership aircraft, leasing, and jet card services. Founded in 1995 as a division of Bombardier Aerospace, it is currently owned by Directional Aviation, an aviation private investment firm.

Background

Flexjet is a provider of fractional jet ownership, leasing, and jet card services as well as private helicopter fractional, leasing and charter services. Directional Aviation, the private investment firm founded by aviation entrepreneur Kenn Ricci, has owned Flexjet since 2013.[2] Headquartered in Richmond Heights, Ohio, Flexjet is led by Ricci, its chairman, and by Michael J. Silvestro, its chief executive officer. Flexjet is one of the largest fractional private jet companies. The company serves over 2,100 clients.[3]

History

Founded in 1995, Flexjet entered the fractional jet ownership market as a division of Bombardier Aerospace, the world's largest business aviation manufacturer[4] and itself a division of Bombardier Inc.[5]

By 1998, doing business as Business Jet Solutions, Flexjet had 41 aircraft, including the Learjet 31A, Learjet 45, Learjet 60, and Challenger 600 series, serving more than 200 clients.[6]

At one time, Flexjet offered not only fractional ownership and jet card but also aircraft charter services. Flexjet entered the charter market in 2000 when Bombardier Aerospace acquired Skyjet, which pioneered the online booking of private jet charters. Under Bombardier, Skyjet became one of the first companies to offer a membership program; eventually, the program became the Skyjet Card.[7]

By 2002, Flexjet had seen 20 percent annual growth since its founding. It employed more than 1,000 people, half of them flight crew members and operated a fleet of 105 aircraft to serve 640 owners. At the time, Flexjet held an approximately one-sixth of the total fractional market, which then amounted to 650 aircraft and 3,500 owners.[1]

Flexjet saw its first substantial profit in 2006, with sales of fractional shares up 28 percent and revenue up 30 percent compared to 2005. It maintained the approximate 16 percent share of the fractional market it had enjoyed four years earlier. During this period, the company began expanding its range of aircraft, including the Learjet 40 and 45, 60, 60 XR, Challenger 300, Challenger 604, and Challenger 605.[citation needed]

In 2008, VistaJet acquired the firm's non-U.S. operations, then branded as Skyjet International. Subsequently, Flexjet consolidated the remaining domestic charter services under its own brand.[8]

In September 2013, private aviation investment firm Directional Aviation announced that it would acquire Flexjet from Bombardier for $185 million in cash.[2] At the same time, Flexjet placed orders with Bombardier for 85 jets valued at about $1.8 billion, with options for up to an additional 160 jets that could bring the contract's value to $5.2 billion.[9]

In 2014, Flexjet exited the charter market. As part of the first consolidation of its aviation companies, Directional Aviation moved the charter brokerage operations of its Flexjet and Sentient Jet companies to the Skyjet brand. Skyjet would concentrate solely on charter services, with Flexjet continuing to offer fractional programs and Sentient Jet offering jet card programs.[10] Flexjet offered three programs: fractional ownership, lease, and the Flexjet 25 Jet Card.

In 2015, Flexjet launched Red Label, an offering under which each aircraft has a dedicated flight crew, customized interiors, and customized seating configurations making up one of the industry's most modern fleet of aircraft.[11]

Other developments included the 2016 opening of the company's first exclusive private jet terminal, in Naples, Florida,[12] followed by the opening of similar facilities at West Palm Beach, Florida and Westchester County Airport, New York. Additional facilities since have been opened at Love Field in Dallas, Texas; Teterboro Airport in Bergen County, New Jersey; and Van Nuys Airport in Los Angeles, California.[13]

Flexjet also announced the launch of intra-European service in 2016, establishing the infrastructure for its offering initially through the acquisition of United Kingdom-based charter and management company Flairjet.[citation needed] More recently, OneSky acquired United Kingdom-headquartered PrivateFly, a digital booking service for private jet charter flights.[14] Flexjet also acquired an Air Operator Certificate (AOC) for and opened a new Malta Operational Centre in Sliema, continuing the expansion of its European operation.[15]

In late 2019, Flexjet announced its European operation would be led by Marine Eugène, former head of sales in Europe for NetJets.[16] Flexjet's European expansion continued with the opening of Flexjet House in London to serve as their European headquarters. In addition, a European Tactical Control Center to coordinate flight logistics and an aircraft maintenance facility were opened at Farnborough Airport in the United Kingdom.[17]

In 2021, Flexjet acquired two leading helicopter travel providers: U.K.-based Halo Aviation and U.S.-based Associated Aircraft Group.[18] The company added private helicopter leasing and charter services and formed a private helicopter division that sells fractional, lease and on-demand charter access to its fleet of owned and operated Sikorsky S-76 private helicopters serving locations throughout the Northeastern United States and Florida.[citation needed]

In 2022, Flexjet announced plans to hire 350 pilots in addition to its current total of 800 and add another 50 aircraft by the end of the year.[19]

In October 2022, Flexjet agreed to enter into an agreement to merge with Horizon Acquisition Corporation II (NYSE: HZON), a publicly traded special-purpose acquisition company (SPAC) led by Todd Boehly. Following completion of the merger, Flexjet would become a publicly traded company under the ticker symbol “FXJ.”[20][21][22] In April 2023, Flexjet announced the deal would be terminated.[23]

Flexjet has received awards and certifications for safety including the Federal Aviation Administration’s Diamond Award of Excellence for Aviation Maintenance, awarded to Flexjet in 2022 for the 23rd consecutive year.[24] Flexjet also has received the Aviation Research Group/US (ARG/US) Platinum Safety Rating since 2008.[25]

Fleet

Flexjet Fleet
As of 1 September 2022
Aircraft Type In Service Passengers Ref
Embraer Phenom 300 Light Jet 42 7 [26]
Embraer Legacy 450/500 and Praetor 500/600 Mid-Size Jet 37 8 [26]
Bombardier Challenger 300 (Challenger 300/350) Super Mid-Size Jet 75 8 [26]
Gulfstream G400 Large Cabin Jet 1 12 [26]
Gulfstream G450 Large Cabin Jet 13 16 [26]
Bombardier Global Express Ultra-Long-Range Jet 7 12 [26]
Gulfstream G500 Ultra-Long-Range Jet 1 19 [26]
Gulfstream G650 Ultra-Long-Range Jet 7 15 [26]
Gulfstream G650 ER Ultra-Long-Range Jet 3 15 [26]
Total 186


See also

References

  1. ^ a b "2017 FLEXJET MEDIA KIT" (PDF). flexjet.com. FlexJet. 2017. Archived (PDF) from the original on 9 July 2017. Retrieved 25 October 2019.
  2. ^ a b Ostrower, Jon; Johnson, Karen (5 September 2013). "Bombardier Bails Out of Its Flexjet Business". The Wall Street Journal. ISSN 0099-9660. OCLC 781541372. Archived from the original on 3 February 2018. Retrieved 24 October 2019. Bombardier Inc. said Thursday it has agreed to sell its Flexjet fractional-jet operation, reflecting the post-recession dynamics of business aviation, and landed an order from the buyer for new jets worth up to $5.2 billion.
  3. ^ Huber, Mark (18 June 2016). "Flexjet Takes On NetJets". Barron's. ISSN 1077-8039. Archived from the original on 19 June 2016. Retrieved 24 October 2019. Flexjet's fleet services 2,100 customers; you may own a quarter share, but your airplane is used by 12.8 other customers.
  4. ^ "Qatar Airways And Flexjet Announce Alliance" (Press release). Qatar Airways. 14 May 2012. Archived from the original on 10 January 2019. Retrieved 24 October 2019. The new agreement, effective today, May 14, enables customers travelling on Qatar Airways' scheduled flights to and from New York, Washington, Houston and Montreal, to book a private premium jet service in a single transaction to cover over 5,000 airports across the region.
  5. ^ "About Us - Flexjet's Past, Present, and Future". flexjet.com. FlexJet. 12 March 2015. Archived from the original on 25 April 2015. Retrieved 24 October 2019.
  6. ^ "Here Are the Three Major Companies Selling Multiple Shares in Business Jets". The Indianapolis Star. Associated Press. 22 February 1998. p. 202.
  7. ^ "Bombardier Skyjet Celebrates 10 Years at the Forefront of a New Generation of Business Jet Travel Solutions" (Press release). Dallas, Texas: Bombardier Skyjet. 24 September 2007. Archived from the original on 5 July 2018. Retrieved 24 October 2019 – via Marketwired. Bombardier Skyjet, the pioneer service for online booking of privately chartered business jets and provider of the Skyjet Card, is celebrating its 10-year anniversary this year, and continued leadership in providing a range of solutions for business jet travel that did not exist a decade ago.
  8. ^ Lynch, Kerry (27 June 2014). "Directional Revives Skyjet Charter Brokerage". aviationweek.com. Aviation Week Network. Retrieved 25 October 2019. Directional Aviation has "revived" the Bombardier Flexjet's former Skyjet brand, creating a new unit that consolidates the charter brokerage activities of its Flexjet, Flight Options and Sentient Jet companies.
  9. ^ Bergqvist, Pia (6 September 2013). "Flexjet Changes Ownership, Places Record Breaking Order". flyingmag.com. Flying. Archived from the original on 24 October 2019. Retrieved 25 October 2019. A group named Directional Aviation Capital has purchased Flexjet, the fractional ownership business formerly operated as a division of Bombardier.
  10. ^ Lynch, Kerry (27 June 2014). "Directional Revives Skyjet Charter Brokerage". aviationweek.com. Aviation Week Network. Retrieved 26 October 2019. Skyjet was formed in 2007 and acquired by Bombardier in 2000. VistaJet acquired the Skyjet International segment in 2008 and by 2010 Flexjet had focused its charter services under its own brand.
  11. ^ Velocci, Tony (18 September 2015). "Red Label Raises the Ante". Business Avaition. Forbes. ISSN 0015-6914. Archived from the original on 27 September 2015. Retrieved 26 October 2019. Flexjet this week launched a new service offering named "Red Label," which the fractional-ownership provider believes will allow it to deliver a private aviation experience more akin to owning your own aircraft in its entirety.
  12. ^ Layden, Laura (25 February 2016). "Flexjet opens private terminal in Naples". Naples Daily News. Gannett. Archived from the original on 10 January 2019. Retrieved 26 October 2019. Flexjet owners are flying high in and out of the Naples Municipal Airport. They're the first ones to experience a Flexjet-exclusive private terminal. It's the first of several planned at airports where Flexjet sees the greatest demand for flights.
  13. ^ Lyon, John (3 May 2018). "Flexjet to Pamper Private Fliers at Its New Terminal in Dallas". robbreport.com. Robb Report. Archived from the original on 4 May 2018. Retrieved 26 October 2019. The fractional jet ownership company Flexjet has announced plans to open a new private terminal in the Braniff Centre at Dallas Love Field. In addition to a terminal exclusively for Flexjet customers, the facility will feature covered parking, 32,000 feet of office space for Flexjet staff, and 60,000 square feet of hangar space for Flexjet's maintenance operations, which are presently located in Addison, Texas.
  14. ^ Lyon, John (23 November 2018). "PrivateFly's New Escape Lets You Indulge in the Glamor (and Scandal) of the Golden Age of Hollywood". robbreport.com. Robb Report. Archived from the original on 24 November 2018. Retrieved 25 October 2019. Web-based air charter company PrivateFly, which was acquired by aerospace private investment firm Directional Aviation earlier this year...
  15. ^ “Flexjet Secures Maltese AOC,” by Yves Le Marquand, Corporate Jet Investor, July 26, 2021
  16. ^ “Flexjet opens London showroom; Names ex-NetJets exec MD Europe,” by Doug Gollan, Private Jet Card Comparisons, October 16, 2019
  17. ^ “Flexjet sets up European Tactical Control Centre at Farnborough Airport,” by Satu Dahl, Inflight, May 26, 2022
  18. ^ Directional Aviation’s OneSky Flight LLC has acquired Associated Aircraft Group AAG from Lockheed Martin,” by Doug Gollan, Private Jet Card Comparisons, February 4, 2021
  19. ^ “Flexjet to Hire 350 Pilots and Add 50 Aircraft In 2022,” by Yves Le Marquand, Corporate Jet Investor, April 8, 2022
  20. ^ "Flexjet to Join SPAC and Go Public,” by Curt Epstein, AIN Online, October 11, 2022
  21. ^ "Chelsea co-owner Boehly’s Horizon to merge with Flexjet in $3bn deal,” by Crystal Tse, Bloomberg, October 11, 2022
  22. ^ “Boehly’s Horizon Merges with Jet Operator Flexjet,” MERGERS & ACQUISITIONS, October 11, 2022
  23. ^ "Flexjet terminates $3 billion deal with billionaire Todd Boehly's SPAC". Reuters. 11 April 2023. Retrieved 3 May 2023.
  24. ^ "Flexjet Receives FAA Diamond Award for Excellence in Aircraft Maintenance for the 23rd Time in a Row,” Private Jet Clubs, March 24, 2022
  25. ^ ARG/US Rating page
  26. ^ a b c d e f g h i Federal Aviation Administration Air Transport Division, Part 135 Aircraft Listing from OpSpec D085, [1], Updated September 1, 2022, Retrieved September 13, 2022.
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