Company Overview:
- Flexjet offers a range of private-jet services including: fractional ownership, leasing, charter memberships and aircraft management
- Second largest fractional jet operator
- Operates and manages one the largest private aviation fleets in the United States
- Maintains four operating locations with 680 employees: Cleveland, Ohio; Teterboro, New Jersey; Palm Beach, Florida; and Las Vegas, Nevada
- FlexJet was acquired in 2008 with Next Sparc making a significant investment
Value Creation:
- Built a new executive team, sales force, and operations center
- Changed the business mix and refocused the business on maintenance
- Reduced annual operating costs and new labor pilot contract
- Restructured product offerings and simplified pricing to improve competitive positioning
- New controls and reporting to ensure strict cash and financial management
- Re-established brand recognition through new color scheme
- Sold off excess lift capacity