Flexjet Being Sold To Flight Options’ Parent Company | Aviation International News

Charter & Fractional

Flexjet Being Sold To Flight Options’ Parent Company

Sale accompanies billions of orders for Bombardier Challengers and Learjets

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.

By Chad Trautvetter • Online Editor

September 5, 2013

Directional Aviation Capital (DAC)—the company headed by Kenn Ricci that owns Flight Options, Sentient Jet, Nextant Aerospace and Constant Aviation—announced this morning that it is buying fractional provider Flexjet from Bombardier for $185 million. Bombardier president and CEO Pierre Beaudoin said the sale to DAC “marks the next step in Flexjet’s evolution…[and] will allow Bombardier to focus on its core business areas,” which is mainly aircraft manufacturing and product support. The transaction is expected to close by year-end, pending U.S. government approvals.

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 worth another $3.4 billion. According to Ricci, the Learjet 75 order is for a not-yet-announced LXi version, which has a six-seat cabin configuration with a divan (a mockup of this interior will be displayed at the NBAA Convention next month). Aircraft deliveries from this $5.2 billion order will begin in July.

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