Tag: Kenn Ricci

Inside Kenn Ricci’s Directional Aviation private jet empire

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Kenn Ricci Flexjet Sentient Jet PrivateFly

Directional Aviation includes Flexjet, Sentient, FXAIR, PrivateFly, and more than a dozen private aviation B2B companies. Recently, its founder Kenn Ricci was the subject of an in-depth profile by Corporate Jet Investor. Here are the highlights…

Recently Corporate Jet Investor took a deep look at Kenn Ricci, the founder of Directional Aviation, home for a host of private aviation providers from consumer brands such as Flexjet, Sentient Jet, FXAIR, and PrivateFly to a host of B2B companies. Below is an excerpt of highlights reprinted with permission.

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NetJets’ earnings fall on a 27% decline in flight hours

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NetJets

Berkshire Hathaway’s Service group, which houses NetJets and Flight Safety, saw revenues drop by $1.15 billion (8.5%) in 2020 compared to 2019. Pre-tax earnings decreased $81 million (4.8%)

The world’s largest private jet operator, NetJets, Inc., saw a drop in flight hours and pre-tax earnings, according to Berkshire Hathaway’s 2020 annual report, released today.

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Flexjet, Sentient parent launches CO2 reduction solutions provider

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4AIR

4AIR today launched as the first emissions reduction solution provider focused solely on helping private aviation participants to offset or reduce their emissions of carbon dioxide and other climate-related pollutants. The company will provide a comprehensive approach to reducing or eliminating aviation emissions, with a simplified and verifiable path to mitigating the environmental impact of aviation activities for any company or individual in private aviation.

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Wheels Up in talks with SPAC to go public at $2 billion valuation

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Wheels Up

The Wheels Up move follows private aviation and eVTOL focused SPAC filings from Flexjet chairman Kenn Ricci, Surf Air, and Blade in recent months

This morning, a report from Reuters claims Wheels Up is in discussions with Aspirational Consumer Lifestyle Corp to go public through a merger with the SPAC blank-check acquisition company. The article said the deal could value the private aviation provider at “more than $2 billion.”

According to a Private Jet Card Comparisons’ analysis, Wheels Up is the second-largest operator of for-hire private aircraft behind NetJets with an estimated 8.3% of the market.

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