Is XOJET in play? The company said it is looking at raising new funds, a merger, sale or strategic alliance.
In order to best position XOJET for continued growth and expansion, Perella Weinberg Partners has been engaged as a strategic advisor to explore a range of options that may include a capital raise, merger, sale of the company or a strategic alliance, according to a statement received by Private Jet Card Comparisons. The company was started in 2006 and has over 450 employees, 41 of its own aircraft and over 1,300 additional private jets in its broker network. The company has a 24/7 operations center spanning 21,000 sq. ft. in Sacramento, CA. The firm also recently completed the purchase of two Citation X aircraft and is planning to expand the fleet with additional aircraft acquisitions in 2018. Last year, it continued a refurbishment of its current fleet and launched a new membership fee model program. Current key investors include TPG Capital and Mubadala.
VistaJet has created three “highly personalized” programs for art lovers to experience the exhibitions and global tour of The Collection of Peggy and David Rockefeller, the most valuable auction of a private collection entirely dedicated to raising funds for philanthropic causes.
Following the unveiling of early highlights in Hong Kong last November, the global public tour will move to London (February 21 – March 8), Paris (March 16 – 21), Beijing (April 6 – 7), Los Angeles (April 6 – 12) and Shanghai (April 10 – 11), ahead of the final exhibition in New York at Christie’s Rockefeller Center from April 28 until the sale on May 7 – 11. With each stop on the pre-sale tour, additional works of art and objects will be revealed.
The jet card program for long-haul, luxury private jet operator VistaJet helped power a 24% increase in EBITDA
VistaJet said in a third-quarter trading update the company’s flagship Program Membership has seen a 38% increase in revenue. The Program segment achieved a record 32% increase of new flights hours flown compared to Q3 2016. According to a press release, a core driver to VistaJet’s Program Membership growth came from its North American market, seeing a 25% growth in its US-based customers in the third quarter alone. VistaJet saw its largest increase in flight hours from North America, up 22%, representing yet another quarter of double-digit year-over-year growth.
Zetta Jet was trying to compete against NetJets and VistaJet in offering long-haul, luxury private jet charter and jet card programs
The saga of Zetta Jet looks to be over, save for Chapter 7 bankruptcy liquidation. It comes about a week after an announcement that the luxury private jet operator had secured $8.5 million in funding and ends a bumpy two-year journey that included boardroom brawls, accusations of fraud and a September visit to Chapter 11.