CLEVELAND, OHIO--(Marketwired - Sept. 5, 2013) - Directional Aviation Capital today announced a definitive agreement for the purchase of Bombardier, Inc.'s Flexjet activities by Directional's newly-created company, Flexjet, LLC. Together with its financial partners and concurrent with the acquisition, Flexjet, LLC is placing the largest new-aircraft order in Flexjet's history valued at approximately $5.2 billion for up to 245 Bombardier business jets. The transaction is expected to close before the end of the year.
Directional continues its commitment to the private aircraft travel market by adding the bespoke fractional brand, Flexjet, to its portfolio of brands that include Flight Options, Sentient Jet cards and Sentient Jet Charter.
"Today's corporate aircraft traveler is reviewing many different travel options, each unique to certain travel requirements. It has been our intent to find the best brand in each segment which can complement the product offerings of the other companies." said Kenn Ricci, Principal, Directional Aviation Capital.
"Our vision for Flexjet is of a luxury brand with a young fleet, the latest technology, hand-crafted interiors and an unmatched owner experience. That vision inspired this transaction and this historic order with Bombardier whose product line is uniquely suited to the needs of Flexjet's current and future customers,' added Ricci. "There is tremendous opportunity for a bespoke brand in the private travel market and Flexjet, with its enhanced fleet, can fill that void."
The aircraft order, which includes a firm order for 85 business jets and 160 options, is meant to keep Flexjet's fleet the youngest and most modern fleet in the industry. It will feature the next-generation Challenger 350, Challenger 605 and Learjet 75 jets, as well as the highly-anticipated Learjet 85.
"Flexjet is an extremely well-run, profitable business known for its exceptional focus on owner experience and operational excellence and is a perfect complement to our current portfolio. Flexjet will remain a leading Bombardier customer and manager of the world's largest collection of the manufacturer's business aircraft," added Ricci. "Private aviation is Directional's passion and Flexjet joining our family is yet another example how we are reshaping the industry."
Through its Flexjet, Flight Options and Sentient Jet brands, Directional Aviation Capital's portfolio companies will offer private air travelers a full range of choices as to how they fly with programs ranging from fractional ownership, membership, leasing, jet cards and charter. Combined, these businesses account for over $1.1 Billion in revenues, operating over 150 aircraft in excess of 200,000 flight hours per year serving over 6,000 customers.
Directional also holds investments in other companies related to general aviation. They include Nextant Aerospace, Constant Aviation, Everest Fuel Management, Sojourn Aviation, Spinnaker Air and API. With its commitment to investing in private aviation Directional will continue to seek out additional businesses that can join its continually expanding portfolio.
About Directional Aviation Capital
Directional Aviation Capital is a private investment firm whose singular focus is private business aviation. Combining strategic aviation ownership, unmatched experience and revolutionary vision, Directional continues to innovate and reshape private aviation. Directional's unique industry expertise enables them to quickly understand business aviation companies and provide the financing and operational strategy needed to take advantage of evolving market opportunities. For more information, visit www.directionalaviation.com.
Bombardier, Challenger, Challenger 350, Challenger 605, Learjet, Learjet 75 and Learjet 85 are trademarks of Bombardier Inc. or its subsidiaries.