Directional Aviation Capital, the business aviation-oriented private equity firm headed by Kenn Ricci, acquired charter broker Sentient Jet and aviation fuel management company Everest Fuel Management for an undisclosed sum from Australia-based Macquarie Global Opportunities Partners. The deal closed May 31, but wasn’t revealed to employees at Sentient and Evergreen until last week, Ricci said when confirming the acquisitions to AIN on Tuesday evening.
Asked why his firm bought Sentient Jet, he said it “is the industry’s leading charter consolidator, has tremendous brand value and offers unique product options.” At this point, Ricci said, “Sentient will be run as a standalone company, but we have always tried to acquire companies that could benefit from a relationship with other companies we own.” Directional Aviation also owns Corporate Wings, Constant Aviation, Nextant Aerospace, Sojourn Aviation and Spinnaker Air, as well as a majority share of fractional provider Flight Options.
Meanwhile, Weymouth, Mass.-based Everest–which provides aviation fuel management to charter operators, flight departments and private aircraft owners–will be more involved with Directional’s various business aviation companies. “There will be some interaction, the extent of which is still being worked out,” Ricci told AIN. A recent management and employee shake-up at Everest “occurred before the acquisition,” he noted.