Private Aviation Deal Book by Private Jet Card Comparisons

(Updated Dec. 28, 2023) The COVID-19 crisis may be bringing the already simmering mergers and acquisitions market for private jet operators and brokers back to a boil.

Two new factors are driving increased interest. Research from McKinsey shows less than 10% of households who can afford private aviation were using it before the pandemic. In contrast, a study by the European VLJ operator shows there are 30 times fewer contact points when flying privately compared to the airlines.

In the past 3.5 years, we’ve tracked over 50 mergers, acquisitions, fundraising announcements, launches, major fleet orders, and bankruptcies involving notable private jet operators and brokers detailed below, including company overviews below the table.

Private Aviation Deal Book

Scorecard of Leading Private Jet Charter and Fractional Fleet Operators and Charter Brokers – Mergers, Acquisitions, Fundraises, Launches, Orders, and Bankruptcies

Summary by 5 Largest Private Aviation Groups

Based on Private Jet Card Comparisons‘ ranking of top for-hire private aviation companies (2019 Part 135 and Part 91K flight hours data from Argus).

NetJets (1) – subsidiary of Berkshire Hathaway

Headquarters – Columbus, Ohio; Chairman & CEO – Adam Johnson

• Invested in SAF producer WasteFuel (Feb. 2021)
• Orders and options for 325 midsize and super-midsize aircraft from Textron (Oct. 2018)

Directional Aviation – OneSky Flight LLC (2)

Headquarters – Cleveland, Ohio; Principal – Kenn Ricci

• Directional’s OneSky Flight units orders 200 eVTOLs from Embraer-backed Eve and merges its two helicopter operators under the Halo brand (June 2021)
• Directional Aviation’s OneSky Flight unit acquires U.K.-helicopter operator Halo Aviation (May 2021)
• Acquires B2B tech platform FlyEasy.co (Feb. 2021)
• Acquires helicopter operator Associated Aircraft Group (Feb. 2021)
• Launches emissions solutions provider 4AIR (Jan. 2021)
• Principal Kenn Ricci fundraises separate SPAC Zanite acquisition targeting aviation acquisitions (Oct. 2020 and Nov. 2020)
• Launches premium charter broker FXAIR (July 2020)
• Flexjet places billion-dollar order for Gulfstream G700s (Oct. 2019)
• Flexjet places $1.4 billion order for Embraer Praetor 600s, 500s, and Phenom 300s (Oct. 2019)
• Launches B2B charter payment platform Tuvoli (Oct. 2019)
• Acquires U.K.-based charter broker PrivateFly (Sept. 2018)
• Acquires Italian AOC Sirio (April 2018)

Wheels Up Partners LLC (3)

Headquarters, New York, New York; Founder and CEO – Kenny Dichter

• Wheels Up partners with Textron Bell to launch a helicopter and VTOL unit focused on urban mobility, including connections to Delta Air Lines
• Announces a SPAC IPO valued at $2.1 via a merger with LVMH-backed Aspirational Consumer Lifestyle Corp.
• Acquires 59 more aircraft with #9 largest charter operator Mountain Aviation (Jan. 2021)
• Launches whole aircraft sales unit (Aug. 2020)
• Buys #1 ranked charter operator Gama Aviation Signature (March 2020)
• Buys #4 operator Delta Private Jets; Delta Air Lines values its 27% stake in Wheels Up at $240 million (Dec. 2019)
• Buys tech platform Avianis (Sept. 2019)
• Raises $128 million in Series D from Franklin Templeton, T. Rowe Price, and Fidelity Management at $1.1 billion valuation (Aug. 2019)
• Buys #9 operator TMC Jets (June 2019)
• Raises $117.5 million AccorFidelity, T. Rowe Price, NEA, and others (Oct. 2017)
• Secures $90 million in debt financing from KKR (July 2017)

Vista Global Holding (4)

Headquarters – Dubai, UAE; Chairman and CEO – Thomas Flohr

• Vista Global buys on-demand charter broker Apollo Jets and an undisclosed interest in #14 charter operator and management company Talon Air
• XOJET Aviation acquires 15 Citation Ultras and a “majority controlling” stake of #19 largest charter operator Red Wing Aviation (Nov. 2019)
• Merges XOJET and JetSmarter brokerages to form XO (June 2019)
• Refinances $550 million of senior unsecured bonds (May 2019)
• Buys tech-led seat-sharing broker JetSmarter (April 2019)
• Buys #3 operator XOJET Aviation fleet and commercial operations; becomes minority owner in Part 135 operator (Sept. 2018)
• Raises $200 million from Rhone Capital, forms Dubai-based Vista Global Holding (Sept. 2018)
• Raises $150 million from Rhone Captial (Aug. 2017)

Jet Linx Aviation (5)

Headquarters – Omaha, Nebraska; CEO – Jamie Walker

• Buys Meridian management and charter business to expand at Teterboro, the busiest U.S. private jet airport (July 2020)
• Buys Elliot Aviation’s management and charter business (May 2019)
• Opens bases in Austin, Boston, Chicago, and New York – Teterboro (2019) and Minneapolis (2020)

On the sidelines (so far)

U.K.-based charter broker Air Charter Service, which claims annual revenues of nearly $700 million, has been adding offices around-the-world. PlaneSense, a seller of fractional shares on the Pilatus PC-12 and PC-24, has been growing organically by adding its jet program. Solairus Aviation (ranked 7th), Airshare (11th), Clay Lacy Aviation (12th), Jet Aviation, a unit of General Dynamics (13th), Corporate Flight Management, known as Contour Aviation (14th), and Aero Air (15th) are other large players so far not involved in any transactions that have been reported during the past three years. 18th ranked Nicholas Air, which sells jet cards and fractional shares earlier this year, said it was adding two new Phenom 300s.