Story ID: 548
FlyExclusive Sees Fractional Business Take Off
By: Gregory Polek
Caption: Three new Citation CJ3+ Jets now flying
Word Count: 446
Private jet charter and fractional provider FlyExclusive has made its way to Las Vegas for NBAA-BACE two weeks after taking delivery of three new Cessna Citation CJ3+s from Textron Aviation, launching the start of the next phase of the company’s fleet modernization effort. The plan, which FlyExclusive announced last year, included an order for up to 44 new Citations, including up to 30 CJ3+s. The investment plan called for the purchase of up to 14 midsize and super-midsize Citations, including eight XLS Gen2s and six Longitudes. Aircraft in the light, midsize, and super-midsize categories will provide options for FlyExclusive’s fractional customers.
In an interview with AIN, FlyExclusive chairman and CEO Jim Segrave revealed that the company has sold 24 fractional shares in the CJ3+s and expects to sell another five during the show. Expecting to get all SEC approvals to go public by around the Thanksgiving holiday, Segrave and company just filed a proxy statement in connection with an equity purchase agreement with special purpose acquisition company EG Acquisition Corp.
Segrave, who carries a type rating on every in-production Cessna Citation, explained some of the reasons for the close relationship with Textron. First, he said, he knows the product well. Segrave added that the ready availability of Citation pilots presents a significant benefit even as a shortage of flying talent has proved a big challenge for much of the industry. He also praised Citations for its operating economics and the fact that pilots find it easy to fly, which, he added, aids safety.
“FlyExclusive customers expect the best, and we believe the best planes money can buy are built and serviced by Textron Aviation,” said Segrave. “We take pride in being the launch customer for the Citation CJ3 Gen 2, building on our decades-long relationship.”
If FlyExclusive suffers from any shortage of personnel, it involves its maintenance department, where it will need to hire some 150 technicians for a new facility at its headquarters in Kinston, North Carolina, said Segrave. Of course, the maintenance technician shortage has affected the entire industry, and FlyExclusive hasn’t escaped its ravages.
Meanwhile, the company has recently completed the second phase of its Kinston campus expansion. The project included four hangars—one designed as an electrostatic paint shop that can accommodate eight aircraft a month. The hangars, along with a previously announced Phase 3 expansion, will ultimately allow the company to bring 80 percent of its maintenance in-house, reducing the need to outsource, which often comes with lengthy waits and higher costs.
Earlier this year, the FAA granted FlyExclusive Part 145 certification to perform MRO services on third-party aircraft.