With three aircraft on static display, an announcement of a plan to go public, and a large Citation Jet order, charter fleet owner/operator FlyExclusive is cutting a high profile at NBAA-BACE 2022.
FlyExclusive is showcasing a Citation CJ3+, representing its fractional program launched earlier this year with an order for 30 of the jets and options for 60 more. A Citation XLS is part of its on-demand and Jet Club members’ fleet. Additionally, a Citation X is being shown in association with SmartSky Networks and is outfitted with the latter’s air-to-ground connectivity system, which FlyExclusive is installing on all its aircraft.
On Monday, the operator announced an order for eight Cessna Citation XLS Gen2, and six Citation Longitude twinjets to support its expansion into the midsize and super-mid charter market. It also unveiled an agreement with EG Acquisition Corporation, a special purpose acquisition company, to list FlyExclusive on the New York Stock Exchange, at a valuation of $600 million. The deal is expected to generate $310 million in proceeds, including $85 million available immediately to fund continued growth.
Meanwhile, intent on creating a vertically integrated company, FlyExclusive arrives in Orlando on the heels of opening a state-of-the-art maintenance and MRO facility, including paint shop, at its Kinston, North Carolina headquarters.
FlyExclusive founder and CEO Jim Segrave labeled response to its fractional program as “overwhelming,” but noted deliveries of the CJ3+s don’t begin until the third quarter of next year, and in the interim, it is offering prospective owners access to its fleet via the Jet Club program. Club members can access any fleet aircraft, paying a flat day rate in addition to a low per-hour rate, which Segrave said provides better pricing over the range of flight legs customers fly, than flat hourly rates alone offer.
Also integral to its Jet Club and fractional programs is a four-day advance call out for its lowest rates, which helps FlyExclusive optimize scheduling while still taking advantage of wholesale charter flight sales, which the company relied on exclusively before launching its retail charter arm during the pandemic.