U.K.-based private jet charter broker Fly Victor has completed a management-led buyout.
According to an email, “Today, we are delighted to announce the completion of a management buyout of Victor, that allows the company to chart an independent and even more exciting future.”
It continued, “Led by founder, Clive Jackson, the management of Victor have secured significant financial support from a consortium of former investors and regular flyers in order to acquire the company’s global operations.”
The ownership change came after parent company Alyssum Holdings, Ltd. entered administration last month.
As part of the process, a solicitation of bids for both Victor and a separate business aviation company was tendered.
The email from Victor today said, “After a record-breaking start to 2020, we are very excited to welcome our new investors, who are as passionate as us about transforming the world of private aviation. Staying true to the mission with which we were founded in 2011, our purpose remains providing a better way to fly private.”
An analysis of financial filings showed the charter broker cumulatively lost more than $50 million since its inception.
Over the period, Victor had built its sales to more than $60 million annually, including expanding to the United States. Jackson previously said the company would be profitable this year.
Jackson launched the private jet rental agency to fill the gap between unreliable airlines and brokers who he said gouged clients with excessive markups.
Since then, he has cut a high-profile in the industry.
In 2018 he attracted investment by BP Ventures, which led to the creation of the holding company. Victor also launched a loyalty program Alto, which it has been expanding with new partners.
Jackson has also been an advocate of carbon offsets as a way to fly privately in an environmentally responsible manner.
Despite frequent attacks on private jet travel, only two percent of carbon emission globally are from aviation. Business aviation is just two percent of that total.
Jackson has also been a leading advocate of digitalization for on-demand charter bookings.
Recently, a $30 million lawsuit against Victor and Jackson in Florida was dismissed. A lawyer for the plaintiff told Private Jet Card Comparisons he is planning to appeal the decision. Victor had argued against the State as the appropriate venue.