Flexjet Gets a Record $800M Investment From LVMH-Backed L Catterton

Flexjet has closed an $800 million equity from L Catterton, a consumer-focused investment firm, KSL Capital Partners and the J. Safra Group. The aviation company described it as the “largest equity investment in the history of private aviation.”

“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,” said Kenn Ricci, Flexjet’s chairman, in a statement. L Catterton, a partnership formed in 2016 between equity firm Catterton, LVMH, and Groupe Arnaut, is the world’s largest consumer-dedicated private equity firm.

Ricci told Robb Report that the investor approached Flexjet about eight months ago to become a possible investor. “We weren’t in the market at that point,” he said. “But this provides a huge foundation of what we will evolve into. Our business has become international, so I see us investing in the infrastructure, experiences, and brands that are unique to Flexjet.”

At last year’s Private Corporate Jet Investor’s Forum, Ricci spoke about how the company had invested in maintenance facilities to reduce down time for its fleet—which now includes the “largest fleet of international aircraft,” he adds—as well as 11 private terminals that are either under construction or in development. It opened a new $50 million operations center in 2023 and has a private training academy for flight attendants at its new facility at Farnborough Airport.

Ricci was tight-lipped about the types of experiences that would be available with the LVMH connection, but did mention a bespoke LVMH-themed cabin, which would parallel other cabins it has developed with brand partners Riva Yachts and Bentley. “There are many opportunities that we could create Flexjet-only-available products in concert with LVMH,” he said. “You could imagine that when a new type of Louis Vuitton purse comes out, what if that were only available to the Flexjet family? It’s not like we’ll do 1,000 of these—the best thing about bespoke is that it’s one or two. But we are having a lot of discussions about these.”

The bespoke theme has proven to be Flexjet’s brand differentiator since its Red Label customized interiors appeared in 2015. Specific aircraft have their own special interiors to distinguish them from the rest of the fleet. “When you’re up against a competitor like NetJets, the largest in the world, we decided that the best way to compete is to create this boutique experience,” says Ricci. “Our goal is not to be bigger than NetJets, but still provide our owners want that highest level of service.”

Scott Dahnke, CEO of L Catteron, said in a statement that Flexjet “epitomizes our category-first approach . . . 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.”

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L Catterton’s investment is a “phenomenal endorsement of what we’re trying to do experientially in this space,” Ricci added. “We didn’t have to explain the value of brand—LVMH understands that—but they came to understand that with things like the chairman’s event, we were unique.”

Of the $800 million, $200 million will go to Flexjet shareholders, while the rest will move to infrastructure programs.

L Catteron is investing in companies that are “extending time,” says Ricci, both with biological and medical longevity, but also firms such as Flexjet that can save its members time. “Our members don’t want to spend two days on each end of a trip airlining somewhere—they want to do business and get home at night,” says Ricci. “L Catterton views time and longevity as the luxury of the future. They get that we provide that.”