LVMH-Backed Investor Group’s $800 Million Investment in FlexJet Values the Private Aviation Company at $4 Billion
Flexjet announced this morning that it closed on an $800 million investment from a group led by L Catteron, the PE firm backed by LVMH, for a 20% stake in the company.
(Cleveland, Ohio) Private aviation company Flexjet announced today the close of an $800 million equity investment from a consortium of strategic investors led by consumer-focused, LVMH-backed investment investment firm L Catterton, with participation from affiliates of KSL Capital Partners, LLC and the J. Safra Group; the investment values Flexjet at $4 billion.
Photo of a FlexJet Praetor 500 interior courtesy of Flexjet.
The $800 million investment is the largest equity investment ever committed to a private jet travel provider, according to today’s press release from Flexjet.
“[The investors] see that the luxury of the future is time,” said Flexjet CEO Kenn Ricci on CNBC’s Squawk Box this morning.
Enhancing and broadening the breadth and depth of what services it controls is a key focus of Flexjet’s vision, as well as creating exclusive access to luxury experiences and products, such as its partnerships with Ferretti Group’s Riva Yachts and Bentley Motors, according to Flexjet’s press release.
“L Catterton, with its special relationship with LVMH and its family of brands, provides the perfect opportunity for collaborating in areas such as consumer insights, brand strategies, retail expansion, and luxury product delivery,” Ricci said.
“Flexjet epitomizes our category-first approach and, although they are celebrating their 30th anniversary this year, their history is one of never settling in pursuit of thoughtful innovation to best fulfill the desires of the consumers within their unique and exciting marketplace,” said Scott Dahnke, Global CEO of L Catterton, speaking on behalf of the consortium.
Jefferies, Morgan Stanley & Co. LLC, and Goldman Sachs acted as co-advisors to Flexjet on the deal.
