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.

By Doug Gollan, November 11, 2020

(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

 

Who When What
FlyExclusive Dec. 2023 FlyExclusive begins trading on the NYSE under FLYX after its SPAC merger IPO
Victor Nov. 2023 Victor says it was sold to an undisclosed Abu Dhabi-based investment firm
Verijet Nov. 2023 Verijet announces $85 million in funding from Solaino
Wheels Up Nov. 2023 Wheels Up adds $40 million from Kore Capital, Whitebox Advisors
Volato Dec. 2023 Volato completes SPAC merger IPO to trade publicly on the New York Stock Exchange under SOAR
Airshare Oct. 2023 Airshare completes the acquisition of Wheels Up’s aircraft management business
NetJets Sept. 2023 NetJets says it will buy up to 1,500 new private jets from Textron Aviation
Wheels Up Sept. 2023 Wheels Up completes $500 million funding raise led by Delta Air Lines and Certares
Volato Aug. 2023 Volato announces IPO plans via SPAC merger
Jet Token Aug. 2023 Jet Token completes SPAC merger IPO to trade publicly on the NASDAQ
Surf Air Aug. 2023 Surf Air completes acquisition of Southern Airways and completes IPO via direct listing.
Wheels Up Aug. 2023 Delta leads group investors, providing $500 million in funding in exchange for 95% of equity
Wheels Up Aug. 2023 Wheels Up announces sale of aircraft management to Airshare
Directional Aviation Aug. 2023 Directional Aviation’s Flexjet, Inc. buys MRO Flying Colours
Set Jet July 2023 Set Jet announces plans for a SPAC-merger IPO
NetJets May 2023 NetJets says it will buy up to 250 Praetor 500s from Embraer
Directional Aviation April 2023 Directional’s Flexjet, Inc. terminates SPAC merger agreement that would have made it a publicly traded company
Northern Jet March 2023 Northern Jet announces merger agreement with SpeedBird to close in Q2 2023
Jet Token Feb. 2023 Jet Token announces plans for SPAC merger IPO with Oxbridge Acquisition Corp.
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
Source: Private Jet Card Comparisons or links with the listing. Who refers to the parent entity. The actual acquirer may be a related company. Some transactions include minority ownership due to rules governing foreign ownership. Size rankings related to Argus 2019 data ranking Part 135 operators. by flight hours unless noted.

Summary by 5 Largest Private Aviation Groups

Based on Private Jet Card Comparisonsranking 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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