NetJets may be ubiquitous with the concept of fractional ownership, and by far the dominant player in the market, but the big question remains, is the unit of Berkshire Hathaway worth a premium?
Of the over the nearly 1,000 subscribers to Private Jet Card Comparisons since we launched nearly two years ago I get to talk with perhaps 20%, so while it is more day-in-day-out contact with private aviation consumers than probably any other journalist, it’s still a relatively small sample of users.
The two subsidiaries of Vista Global posted significant gains in memberships and flying last year
In separate press releases, private jet operators VistaJet and XOJET released results from 2018. VistaJet said the figures are preliminary and subject to change after auditing. Both are now part of Vista Global, a Dubai-based holding company which served as a vehicle to buy XOJET last September.
The pay-as-you-go jet card provider plans to introduce a new membership tier targeting lower frequency private air travelers in 2019
After helping develop the 25 hours per year private jet traveler with Marquis Jet Partners before selling it to NetJets, and then launching Wheels Up in 2013 with a pay-as-you-go model attractive to folks who fly under 25 hours per year, Wheels Up CEO Kenny Dichter says his next goal is to bring a branded, high-quality offering to people who fly under 10 hours per year.
Wheels Up co-founder and CEO Kenny Dichter says his jet card membership company is on track to double members within the next three-and-a-half years
Speaking at Revolution.Aero being held in San Francisco, Wheels Up founder and CEO Kenny Dichter told an audience of aviation executives and investors his company will be ready to participate in futuristic private aviation solutions as they develop. “If electric (aircraft) is happening, we want to distribute the technology to our members,” he said. The conference is focused on the future of aviation, including new solutions targeting trips under 300 miles, typically the drive, train and bus market.
Earlier this year XOJET put itself into play. Last week VistaJet launched a holding company with plans to expand. Voila, a deal!
Earlier this morning Thomas Flohr’s VistaJet announced it had reached an agreement to acquire XOJET via Vista Global, a Dubai based holding company formed earlier this month. The deal covers XOJET’s business aviation fleet and commercial operations, and the release said XOJET’s regulated air carrier will continue to be independently operated in a joint venture under U.S. control and leadership, in accordance with U.S. Department of Transportation criteria. As first reported by Private Jet Card Comparisons, earlier this year XOJET hired Perella Weinberg Partners to explore its ongoing business options.