Private Aviation Deal Book by Private Jet Card Comparisons

Let’s make a deal. The M&A market for private jet operators is hot. Over 50 deals, fundraise, launches, and bankruptcies detailed

(Updated January 26, 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

Who	When	What
Rennia Aviation	Jan. 2023	Rennia Aviation buys Dumont’s private jet charter and jet card group
Blade	Jan. 2023	RedBird Capital Partners increases stake in Blade Urban Mobility from 1% to 5%
Camber	Nov. 2022	Vista Global acquired online private jet charter broker Camber.
AeroVanti	Oct. 2022	AeroVanti says it has established $100 million in financing from Lafayette Aircraft Leasing
FlyExclusive	Oct. 2022	FlyExclusive announced a SPAC merger IPO
Wheels Up	Oct. 2022	Wheels Up nets $259 million via issuance of equipment notes against its owned fleet
Directional Aviation	Oct. 2022	Directional announced a SPAC merger IPO for its OneSky Flight subsidiary, which will be renamed Flexjet, Inc.
Priester Aviation	Sept. 2022	Priester Aviation acquires operator Mayo Aviation
Aero	Aug. 2022	By-the-seat Aero secures $65 million in Series B financing
Jet Token	Aug. 2022	Jet Token secures $40 million commitment for post-IPO funding
Vista Global	June 2022	Vista Global closes on Jet Edge and Air Hamburg acquisitions.
Wheels Up	April 2022	Wheels Up closes on its acquisition of U.K.-based Air Partner
Vista Global	March 2022	Vista Global agrees to acquire Jet Edge
AeroVanti	March 2022	AeroVanti acquires Arizona-based Part 135 operator Marjet for its certificate
Wheels Up	March 2022	Wheels Up takes a minority interest in seaplane operator Tropic Ocean Airways
GrandView Aviation	March 2022	GrandView Aviation acquired by Global Medical Response
Volato	March 2022	Volato acquires Houston-based Gulf Coast Aviation
Jet Linx	March 2022	Jet Linx acquires Boca Raton-based Southern Jet
Tradewind Aviation	March 2022	Tradewind orders 20 Pilatus PC-12s
Vista Global	Feb. 2022	Vista Global agrees to acquire private jet charter operator Air Hamburg
Wheels Up	Feb. 2022	Wheels Up acquires light jet operator Alante Air Charter
Wheels Up	Jan. 2022	Wheels Up agrees to acquire U.K.-based aviation services company Air Partner for $107 million.
Jet Edge	Jan. 2022	KKR invests $75 million in top 10 charter operator Jet Edge
Elevate Holdings	Jan. 2022	PJS Group parent Elevate Holdings acquires Keystone Aviation.
NetJets	Nov. 2021	NetJets makes an undisclosed investment in Shenzhen-based Amber Aviation
NetJets	Oct. 2021	NetJets places orders and options for 100 Phenom 300Es.
Jet Edge	Sept. 2021	KKR makes $40 million preferred equity investment in top 10 charter operator Jet Edge
Wheels Up	July 2021	Completes merger with SPAC Aspirational Lifestyle and begins trading as a public company on the New York Stock Exchange under UP symbol
Jet Edge	June 2021	#9 for-hire private jet operator Jet Edge secures a $150 million line of credit from KKR and launches guaranteed buy-back management program AdvantagEdge nationally
Directional Aviation	June 2021	Directional’s OneSky Flight units orders 200 eVTOLs from Embraer-backed Eve and merges its two helicopter operators under the Halo brand.
Jettly	May 2021	Broker Jettly acquires Online Jets Charters
Directional Aviation	May 2021	Directional Aviation’s OneSky Flight unit acquires U.K.-helicopter operator Halo Aviation
Jets.com	April 2021	Ownership of broker Jets.com acquires Part 135 operator Pittsburgh Jet Center
Jet Linx	April 2021	Jet Linx will operate an undisclosed number of EVAs from Beta as part of an agreement with Blade, which will put the #5 for-hire private jet operator into the VTOL segment
Wheels Up	April 2021	Wheels Up partners with Textron Bell to launch a helicopter and VTOL unit focused on urban mobility, including connections to Delta Air Lines
Flapper	March 2021	Latin American on-demand private jet charter platform Flapper raises a $2 million Series A investment
Vista Global	March 2021	Vista Global buys on-demand charter broker Apollo Jets and an undisclosed interest in #14 charter operator and management company Talon Air
NetJets	March 2021	NetJets signs options for 20 Aerion AS2 supersonic private jets and to become the exclusive business aviation provider of Aerion Connect
GrandView Aviation	Feb. 2021	GrandView Aviation launches FlyLindy with plans for scheduled by-the-seat helicopter flights between Washington D.C., New York City, and College Park, Maryland. It also adds new bases in Denver and Boston while doubling its Phenom 300 fleet
Directional Aviation	Feb. 2021	Tuvoli of Directional Aviation’s OneSky Flight unit acquires B2B platform Flyeasy.co
NetJets	Feb. 2021	NetJets makes an undisclosed investment in sustainable aviation fuel producer WasteFuel
Directional Aviation	Feb. 2021	Directional Aviation’s OneSky Flight unit acquires helicopter fractional share and jet card operator AAG Associated Aircraft Group
Wheels Up	Feb. 2021	Wheels Up announces a SPAC IPO valued at $2.1 via a merger with LVMH-backed Aspirational Consumer Lifestyle Corp.
Directional Aviation	Jan. 2021	Directional Aviation launches 4AIR, an emissions reduction solution provider focused solely on private aviation
Wheels Up	Jan. 2021	Wheels Up acquires 59 more aircraft with #9 largest charter operator Mountain Aviation for $10 million in cash, 8,620,690 common interests, and up to $15 million in additional incentives
Blade Urban Mobility	Dec. 2020	Blade will become publicly listed on NASDAQ through a business combination with Experience Investment Corp. (NASDAQ: EXPC), a public entity sponsored by an affiliate of KSL Capital Partners. The transaction is expected to close in the first half of 2021.
Zanite Acquisition	Nov. 2020	Zanite Acquisition Corp. helmed by Directional principal Kenn Ricci launches IPO priced at $200 million
Vista Global	Nov. 2020	XOJET Aviation acquires 15 Citation Ultras and a “majority controlling” stake of #19 largest charter operator Red Wing Aviation
JetSuite	Sept. 2020	Exits Chapter 11
Zanite Acquisition	Oct. 2020	Directional Aviation (Flexjet, Sentient Jet, PrivateFly, FXAIR) Principal Kenn Ricci launches Zanite Acquisition SPAC as co-CEO to acquire aviation companies with $200 million+ funding
Genesis Park	Sept. 2020	Houston-based SPAC lists private aviation operators as a potential target
Surf Air	Aug. 2020	Plans $200 million SPAC via Global Emerging Markets Group
Wheels Up	Aug. 2020	Launches whole aircraft sales unit
Directional	July 2020	Launches broker FXAIR with plans to access a fleet of 30+ Challenger 300s and Globals exiting Flexjet’s fractional fleet
Jet Linx	July 2020	Buys Meridian management and charter business to expand at Teterboro, the busiest U.S. private jet airport
Wing Aviation	June 2020	#25 largest charter operator Wing Aviation merges aircraft management and charter business with Western Airways
Directional	May 2020	Affirms 2020 launch for Flexjet’s European fractional program is delayed until 2021
Elevate Holdings	June 2020	Private Jet Services subsidiary signs as exclusive charter sales agent for iAero’s 35 VIP Boeing 737-400s
JetSuite	April 2020	Files for Chapter 11 leaving SuiteKey jet cardholders out $50 million
Wheels Up	March 2020	Buys #1 ranked charter operator Gama Aviation Signature for $41.3 million in cash, 1,724,138 common interests, and promissory notes with an initial principal of $28.3 million
FlyExclusive	March 2020	#8 ranked charter operator buys Gulfstream operator Sky Night
Victor	March 2020	Management buys broker after parent company goes into receivership
Wijet	Feb. 2020	European VLJ operator closes and liquidates
Surf Air	Feb. 2020	Buys charter platform BlackBird Air and renames itself Surf Air Mobility
Alyssum	Feb. 2020	Charter broker Victor parent enters administration
Jet Edge	Jan. 2020	#7 largest charter operator buys charter operator JetSelect
Wheels Up	Dec. 2019	Buys #4 operator Delta Private Jets for 112,949,205 Class E preferred interests; Delta Air Lines values its 27% stake in Wheels Up at $240 million
Air Partner	Dec. 2019	Buys Redline Assured Security
XJC Aviation	Dec. 2019	U.K. operator placed into administration
Elevate Holdings	Nov. 2019	Private Jet Services Group subsidiary buys The Flight Exchange
Qatar Airways	Oct. 2019	Qatar Executive unit places $1 billion + order for Gulfstream G700s
Directional	Oct. 2019	Flexjet unit places $1 billion + order for Gulfstream G700s
Directional	Oct. 2019	Flexjet unit places $1.4 billion order for Embraer Praetor 500s, 600s, and Phenom 300s
Directional	Oct. 2019	Launches charter payment platform Tuvoli
Wheels Up	Sept. 2019	Buys tech platform Avianis for $14.4 million in cash and 2,011,495 common interests
Wheels Up	Aug. 2019	Raises $128 million in Series D from Franklin Templeton, T. Rowe Price, and Fidelity Management at $1.1 billion valuation
Alliance Aviation	July 2019	Former Dumont executives launch broker and operator Alliance Aviation
Wing Spirit	July 2019	Hawaiian start-up charter operator orders 15 HondaJet very light jets
Wheels Up	June 2019	Buys #9 operator TMC Jets for $29.8 million in cash
Vista Global	June 2019	Merges XOJET and JetSmarter brokerages to form XO
Elevate Holdings	June 2019	Private Jet Services Group creates Elevate Holdings and launches charter operator Elevate Jet
Vista Global	May 2019	Refinances $550 million of senior unsecured bonds
Jet Edge	May 2019	Jet Edge launches used aircraft broker Jet Edge Partners following its $60 million raise in January 2019.
BlackBird Air	May 2019	Raises $10 million from New Enterprise Associates
JetCard Plus	May 2019	Jet card broker closes, leaving Treasury Secretary Steve Mnuchin with a 200k loss
Jet Linx	May 2019	Buys Elliot Aviation’s management and charter business
Vista Global	April 2019	Buys tech-led seat-sharing broker JetSmarter
Jet Edge	Jan. 2019	Raises $60 million from Solace Capital Partners
PrivatAir	Dec. 2018	European operator enters receivership
Surf Air	Dec. 2018	European subsidiary enters liquidation
NetJets	Oct. 2018	Announces order with options for 325 private jets from Textron’s Cessna division
Directional	Sept. 2018	Buys fast-growing U.K.-broker PrivateFly
Vista Global	Sept. 2018	Buys #3 operator XOJET Aviation fleet and commercial operations; becomes minority owner in Part 135 operator
VistaJet	Sept. 2018	Raises $200 million from Rhone Capital, forms Dubai-based Vista Global Holding
Ultimate JetCharters	Aug. 2018	Announces acquisition by OneJet is off
Jet It	Aug. 2018	New entrant launches HondaJet fractional ownership program
Wijet	June 2018	Places U.K. subsidiary Blink into receivership
ImagineAir	May 2018	Atlanta-based Cirrus SR22 air taxi shuts down without warning
OneJet	May 2018	Announces it will acquire Ultimate JetCharters for a combined fleet of 25 aircraft
Directional	April 2018	Buys Italian charter operator and management company Sirio
JetSuite/JSX	April 2018	Announces undisclosed investment from Qatar Airways and JetBlue
Dumont	Mar. 2018	Acquires 27 Dassault Falcon 2000s from NetJets to be delivered through 2019
Wijet	Feb. 2018	Orders 16 HondaJet very light jets to replace Cessna Mustang fleet
Victor	Jan. 2018	Raises $18 million from BP Ventures and BBA Aviation; forms Alyssum Group as a holding company
PrivateFly	Nov. 2017	U.K.-brokers buys U.S. broker Bird Dog Jets
Wheels Up	Oct. 2017	Wheels Up raises $117.5 million from AccorFidelity, T. Rowe Price, NEA and others
Stellar Labs	Oct. 2017	Raises $26.3 million in Series A equity financing to develop a real-time charter booking platform
Apollo Jets	Fall 2017	Broker with an estimated $100 million + revenues; undisclosed with Talon Jets, 16th largest Part 135 operator
Victor	Sept. 2017	Raises $10 million from BP Ventures
Zetta Jet	Sept. 2017	Bombardier Global Express operator files for Chapter 11, then 7 amid fraud charges
StarJets International	Sept. 2017	Blue Star Jets co-founder Ricky Sitomer acquires Advanced Defense Technology in a reverse merger
VistaJet	Aug. 2017	Raises $150 million from Rhone Captial
JetSmarter	Aug. 2017	Raises undisclosed funding from Clearlake Capital Group, L.P., and Leucadia National Corporation
Wheels Up	July 2017	Secures $90 million in debt financing from KKR
Stratajet	June 2017	After raising $8 million to develop realtime charter bookings, Stratajet shutters
Surf Air	June 2017	Buys Texas-based shared flight operator RISE

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.

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