Ricci and Partners Raise Their Stake in Flight Options

 - March 26, 2009, 11:49 AM

Directional Capital, an investment firm led by Flight Options chairman Kenn Ricci, private-equity firm Resilience Capital Partners and “key members” of the Flight Options management team have made an additional investment in fractional provider Flight Options. H.I.G. Capital, which acquired the Cleveland-based company in November 2007, also remains an investor, but to what degree remained unknown at press time. Neither a Flight Options spokesman nor Ricci was available to comment on whether Directional, Resilience and the associated management team–combined–are now the majority owners of Flight Options. “We are confident that increasing the involvement of Kenn Ricci and the management team that helped pioneer the private aviation industry will result in a stronger company,” said Steve Rosen, co-CEO of Resilience Capital. Ricci founded the fractional provider in 1998 but left in 2003 after selling it to Raytheon. He returned to Flight Options as chairman last July, just three months after he and Resilience acquired a “minority share” in the company. Flight Options currently has a fleet of more than 110 aircraft and more than 1,400 owners and jet-card members.