The transaction values Flexjet at approximately $4bn, up from a $3.1bn valuation during a previously abandoned SPAC listing in 2022. Other investors in the round include KSL Capital Partners and J Safra Group. According to sources cited by the Financial Times, 25% of the capital raised will be paid out as dividends to existing shareholders. Flexjet operates a fleet of over 300 business jets and offers fractional ownership programmes, catering to a rising wave of ultra-wealthy, younger clients'particularly tech and crypto entrepreneurs. The average age of its clientele has dropped from 62 in 2019 to 58 today. 'We have a tremendous amount of different types of entrepreneurs this year . . . in the tech space but also bitcoin,' said Flexjet chair Kenn Ricci, adding that these clients often look for larger aircraft to travel farther afield to destinations like London and Dubai. Flexjet has seen a tenfold increase in flights to the Middle East since 2021, capitalising on surging demand...
learn more
