L Catterton, the consumer-focused private equity firm backed by LVMH and Bernard Arnault’s family holding company, has led an $800m investment in Flexjet, marking the largest fundraising to date in the private aviation sector.

The transaction values Flexjet at approximately $4bn, up from a $3.1bn valuation during a previously abandoned SPAC listing in 2022. Other investors in the round include KSL Capital Partners and J Safra Group. According to sources cited by the Financial Times, 25% of the capital raised will be paid out as dividends to existing shareholders.

Flexjet operates a fleet of over 300 business jets and offers fractional ownership programmes, catering to a rising wave of ultra-wealthy, younger clients—particularly tech and crypto entrepreneurs. The average age of its clientele has dropped from 62 in 2019 to 58 today.

“We have a tremendous amount of different types of entrepreneurs this year . . . in the tech space but also bitcoin,” said Flexjet chair Kenn Ricci, adding that these clients often look for larger aircraft to travel farther afield to destinations like London and Dubai.

The Cleveland-based company reported $2.6bn in revenue for 2024, representing more than 50% growth over fiscal 2021. EBITDA reached $390m last year and is forecasted to rise to $425m this year.

Flexjet has seen a tenfold increase in flights to the Middle East since 2021, capitalising on surging demand for luxury travel in markets such as Dubai and Jeddah. The company also plans to leverage L Catterton’s ties to LVMH to enhance the luxury appeal of its cabin interiors and service offerings.

The global ultra-premium jet market was valued at $22.7bn in 2024, with projections pointing to further growth. Flexjet’s investment round underscores the sector’s ongoing appeal to private equity investors eager to tap into structural shifts in global wealth and mobility.

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