Subscription-based private aviation company Flexjet has signed an agreement with publicly traded special purpose acquisition company (SPAC) Horizon Acquisition Corporation II in a move to go public by mid-2023.

Under the terms of the agreement, the aviation company will combine with Horizon Acquisition to become a listed company on the New York Stock Exchange (NYSE). The transaction values the combined entity at $3.1 billion.

With a range of market offerings that reach private jet users through various branded storefronts that target specific private flying needs, Flexjet is a major player in the private aviation sector.

The storefronts include Flexjet, Sentient Jet, FXAIR, PrivateFly, and Sirio.

Flexjet focuses on fractional jet ownership and leasing, while Sentient Jet focuses on jet cards, and Sirio on full aircraft ownership.

Kenneth Ricci — Flexjet chairman said: “Having capital and currency will position us to expand market share at an accelerated pace in an opportunistic environment.

“We will parlay our existing profitability and use that as a launch pad to accelerate our growth into the next chapter. We are making this decision at a time when we believe the marketplace is expanding at a more aggressive rate.

“Additionally, the collective infrastructure necessary to operate this model would be very difficult to replicate. Accumulating the aircraft, customer base, global infrastructure, technology, and most importantly, the culture, would take years, if not decades.”

Flexjet has a network of 20 mobile maintenance support units across the US and a network of partner facilities across the globe.

Through approximately 10,000 committed contracts, the company earns recurring revenue comes from a large customer base of ultra-high-net-worth individuals and Fortune 500 corporations.

Flexjet has a global reach of 3,100 employees, including 1,000 nonunion pilots and 450 licensed maintenance technicians across nine office locations in the US, UK, and Italy.

Todd Boehly — Horizon Acquisition Corporation II CEO, CFO, and Chairman said: “Flexjet’s global presence, aircraft network, and proprietary technology have established the Company as a category leader in private aviation. Eldridge has a long-tenured partnership with this world-class management team and believe that the scale and breadth of Flexjet’s solutions will enable it to continue to capture share in a large and accelerating market.

“I’ve known Kenn and the team for nearly a decade, and their ability to profitably grow Flexjet to what is estimated to be over $2 billion in revenue through an unrivaled product offering and desirable subscription-based business model sets the team apart.

“We believe this transaction provides Flexjet with ample capital to execute Flexjet’s long-term vision, the ability to continue to serve its loyal customer base, and positions the Company for success in the public markets.”

  Aviation industry news, Flexjet, Horizon Acquisition Corporation II, Kenneth Ricci, Todd Boehly, USA