Stronger Together: VistaJet acquires XOJet and expands
Private aviation behemoth VistaJet has announced the formation of Vista Global, a holding company that will englobe VistaJet as well as a new leasing/financing company and TechX, an end-to-end aviation solutions provider in tech. The newly formed holding is backed by another $200 million investment from Rhone Group.
Now, days after the announcement of the holding company, VistaJet has confirmed its plan to acquire XOJet, the 3rd largest air charter operator in the US, from private investment firms TPG and Mubadala. The charter firm owns a fleet of 43 consisting of Bombardier Challenger 300s and Cessna Citation Xs, that flew 46,739 hours in the first half of 2018.
"Vista Global has been my vision ever since I started VistaJet in 2004. I wanted to create something really new that would industrialise and consolidate the fragmented market of business aviation across the whole spectrum of flight operations offers, "said Thomas Flohr, VistaJet's CEO and Founder.
"This is a historic moment for aviation and is the first of its kind. Vista Global has no equal in its service, offering all customers a full range of business aviation services on a global scale - flights, technology, finance."
Headquartered in California, XO Jet was founded in 2006 and serves over 5,000 clients with 25,000+ flights per year according to the company. Offering both a membership programme for private jets and an on-demand service, XO Jet was a major player in the American market, which is the world's largest.
“XOJet’s strength in North America and its reputation for offering great value perfectly complement VistaJet and the other businesses in the group.”
Earlier this summer, VistaJet also debuted a program to offer in-flight entertainment to kids such as Mad Hatter tea parties and costume contests amongst other things. "We noticed an increase in requests for flying with children" said Matteo Atti, Marketing VP at VistaJet. "Many high-net-worth families have turned to private aviation for their personal travels."
Seeing profits rise 32% year-over-year VistaJet, which owns 72 aircrafts, recently raised $150 million from Rhone Capital, which now also back Vista Global, at a valuation of over $2.5 billion.