Here is part of the press release sent out on the 5th. May have been posted already. I was out of town-
Flexjet Growth Attracts New Owners to Invest $5.2 Billion for Largest
Aircraft Order in its History
• Group led by Directional Aviation Capital signs definitive agreement to
acquire the assets of Flexjet from Bombardier
• Flexjet, LLC places orders for up to 245 Bombardier business aircraft
Dallas, September 5, 2013 – 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.
“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.
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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.