Flight Options Parent Company To Buy Flexjet

 - September 5, 2013, 11:32 AM
Bombardier announced today that its fractional aircraft subsidiary Flexjet is being sold to Directional Aviation Captial, the company headed by Kenn Ricci (pictured in photo) that owns competing fractional provider Flight Options, among other companies. To be finalized by year-end, the deal is worth $185 million. Flexjet LLC, as the company will be known under Directional's control, also placed an order for up to 245 Bombardier business jets worth $5.2 billion.

Directional Aviation Capital (DAC)–the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation, among others–announced today that it is buying fractional provider Flexjet from Bombardier for $185 million. The transaction is expected to close by year-end, pending U.S. government approvals. All Flexjet employees will be retained, Ricci noted.

Flexjet LLC, which is DAC’s shell company for the acquisition, also placed a $1.8 billion firm order for 85 Bombardier business jets–25 Learjet 75s, 30 Learjet 85s, 20 Challenger 350s and 10 Challenger 605s–along with options for 160 more airplanes worth another $3.4 billion. Aircraft deliveries from this order will begin in July next year.

Ricci told AIN that Flexjet LLC will operate separately from Flight Options, with the former being a luxury “bespoke” fractional provider flying newer aircraft less than five years old while the latter will be the “value” fractional with a fleet of mostly pre-owned or remanufactured jets. “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,” he said.


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