Private aviation specialist Flexjet has secured $800m in a new financing round led by L Catterton, the private equity firm backed by luxury giant LVMH, propelling the company’s valuation to $4bn, according to a report by Reuters.
This comes just two years after a planned SPAC merger with Todd Boehly’s Horizon Acquisition II unravelled.
The fresh capital injection underscores a broader trend of companies opting to stay private, seeking to maintain strategic flexibility, reduce regulatory burdens, and tap into abundant private market liquidity.
Other investors joining the round include affiliates of KSL Capital Partners and the J Safra Group.
The new valuation marks a significant uplift from the $3.1bn target Flexjet was aiming for in its failed SPAC transaction in late 2022, which collapsed the following year.
Flexjet plans to expand its fleet with an emphasis on larger, long-range jets and international routes. This follows a landmark $7bn agreement with Brazilian manufacturer Embraer for 182 Phenom and Praetor jets, with options for an additional 30 aircraft. JPMorgan analysts predict the deal will increase Embraer’s backlog by 26% to $28.7bn.
Established three decades ago, Flexjet specialises in fractional jet ownership, leasing, and jet card programmes. It is majority-owned by Directional Aviation, a private equity firm focused on aviation.
Jefferies, Morgan Stanley and Goldman Sachs acted as joint financial advisers on the transaction.
