Summary flyExclusive's rapid growth led to it becoming the fifth-largest private jet operator globally in just five years. In 2023, flyExclusive went public, gaining increased capital, visibility, and credibility in the market. The company's strong foundation, strategic vision, and diverse fleet differentiate it in the competitive private aviation industry.
Becoming a publicly traded company is a significant milestone for any business. It signifies growth, transparency, and the potential for increased capital through public investment. Today, we’re looking at the story of a rapidly growing private aviation company, flyExclusive, and its path to joining the ranks of publicly traded companies.
The history of flyExclusive In 1994, flyExclusive founder Jim Segrave founded Segrave Aviation, spurred by his passion for flying. According to flyExclusive , Segrave flew charter jets, ran airport-based filling stations, and also offered maintenance services. Segrave Aviation grew rapidly, and by 2010, was bought over by Delta AirElite, the charter arm of Delta Air Line s.
Between then and 2012, Segrave served as the President of Delta Private Jets before deciding it was time to take off on a new adventure. “Three years later, the small town of Kinston, North Carolina was greeted with what would quickly become one of the largest operators of Cessna aircraft in the world.” In 2015, Segrave started flyExclusive – a private jet owner and operator, offering charter services – with six employees and four aircraft at the North Carolina Global Transpark.
flyExclusive’s journey began with a clear vision: to make private jet travel more accessible and efficient. The company initially focused on building a robust fleet and establishing a strong operational foundation. By leveraging advanced technology and maintaining a customer-centric approach, flyExclusive quickly gained traction in the market.
Fifth-largest private jet operator in just five years As it seemed, Segrave had a knack for rapidly growing his start-ups into highly successful businesses – and by the end of the year, the company had 53 employees. The next few years flew by (figuratively, and quite literally), with flyExclusive achieving the following milestones: Year Milestone 2016 flyExclusive expands from domestic to international operations with its first flights to Canada and the Caribbean 2017 The company’s workforce grows to 100 employees 2018 flyExclusive adds its first Cessna Citation Encore to the fleet, joining its CJ3, Excel and Sovereign jets 2019 flyExclusive is ranked the 10th largest Part 135 operator in the world, with 44 jets in its fleet The company enjoyed rapid growth, and flyExclusive showed no sign of stopping. 2020 was when Segrave took his company to even greater heights.
In the first quarter of the year, flyExclusive extended its global charter reach by acquiring Sky Night, LLC and welcomed the Gulfstream GIV Special Performance heavy jet to its fleet. During this time, the company also launched Jet Club, offering aircraft charters with fixed hourly rates. This widely appealed to travelers who were looking for a safe and secure alternative to commercial air transport in the wake of the COVID-19 pandemic.
In a flyExclusive media release , Segraves said: “For years, we have been disrupting the private charter industry with a singular private charter experience. Now, as we recognize the need to get America flying again and understand passengers’ priorities to limit exposure to themselves and their families to COVID-19, we are offering our unparalleled service at rates that best other charter programs by as much as 40 per cent.” Despite the hard-hitting impacts of the pandemic on the aviation industry, flyExclusive welcomed 12 new Cessna Citation and Gulfstream aircraft to its fleet, bringing the total lineup to 59 jets.
This resulted in the company becoming the fifth-largest private jet operator in the world. flyExclusive’s fleet Today, the company has a fleet of around 100 aircraft, per flyExclusive’s website . This includes a large selection of Cessna Citation jets , making flyExclusive the world’s second-largest operator of the family.
The company offers a wide range of aircraft to meet diverse customer needs, from light jets for short trips to super-midsize jets for long-haul flights. This versatility allows flyExclusive to cater to a broad clientele, including corporate travelers, leisure travelers, and high-net-worth individuals. The Citation family aircraft have been in production for over 50 years.
flyExclusive’s fleet includes the following: Model Category Citation CJ3 Light Citation CJ3+ Light Citation Excel/XLS Midsize Citation Sovereign Super-midsize Citation X Super-midsize Bombardier Challenger 350 Super-midsize The implications of public listing In December 2023, flyExclusive went public on the New York Stock Exchange, per Aviation International News . Going public provided flyExclusive with capital to fuel further growth and expansion. Additionally, as a publicly traded company, flyExclusive gained increased visibility and credibility in the market.
This status attracted more customers, partners, and investors, further strengthening the company’s position in the private aviation industry. While going public offers numerous benefits, it also presents ongoing challenges. flyExclusive has to navigate the complexities of market fluctuations, regulatory compliance, and investor expectations.
Only three of the top fifteen charter companies saw a decrease in flight hours. Nonetheless, the company’s strong foundation and strategic vision positioned it well to capitalize on new opportunities and drive sustained growth. Notably, flyExclusive’s comprehensive fleet is a key differentiator in the private aviation market.
flyExclusive today Since its inception in 2015, flyExclusive has built a reputation for offering high-quality, reliable, and cost-effective private aviation solutions in under a decade. flyExclusive’s journey to becoming a publicly traded company is a testament to its strategic vision, operational excellence, and commitment to customer service. The IPO marks a significant milestone, providing the company with the capital and visibility needed to drive further growth and innovation.
As flyExclusive continues to expand its fleet, enhance its services, and explore new market opportunities, it remains well-positioned to set new standards in the private aviation industry..
