Flexjet closes $800m investment

opinion

by Alasdair Whyte

July 21, 2025

Kenn Ricci, chairman of Flexjet, referred to private equity as one of the “assassins killing business aviation” at our CJI Miami conference last November. To be fair, he did say that if they agreed with his investment thesis, he could like them. “There are good assassins and bad assassins,” he joked.

Today, he announced an $800m investment with three assassins he regards as good: L Catterton, KSL and J Safra.

L Catterton, the venture fund of LVMH, led the investment in the fractional operator with KSL Capital Partners and J Safra Group.

This is the largest ever investment by private equity in a business jet operator. Flexjet says its existing shareholders will remain in control.

“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 Ricci.

Flexjet was advised by Jefferies, Morgan Stanley and Goldman Sachs.

“Flexjet epitomises our category-first approach and, although they are celebrating their 30th anniversary this year, their history is one of never settling in pursuit of thoughtful innovation to best fullfil the desires of the consumers within their unique and exciting marketplace,” said Scott Dahnke, global CEO, L Catterton in a statement on behalf of the three investment firms.

Must watch: Kenn Ricci discusses private equity at CJI Miami

L Catterton manages $37bn of equity capital investing in private equity, credit and real estate. Catterton was launched in 1989. In 2016 it merged with LVMH, the world leader in high-quality products and Groupe Arnault, the family holding company of Bernard Arnault, to create L Catterton. LVMH owns more than 60 luxury brands – including Louis Vuitton and Moët Hennessy. L Catterton says it enjoys a special relationship with LVMH brands and collaborates in areas like consumer insights, brand strategies and growth.

A special purpose acquisition company sponsored by L Catterton – Aspirational Consumer Lifestyle Corporation – took Wheels Up public in 2021.

Must read: How to build an empire – Kenn Ricci profile

KSL Capital Partners is a private equity firm specialising in travel and leisure investments. It focuses on hospitality, recreation, clubs, real estate and travel services. J Safra Group has total assets under management of $345bn. It owns banks – including Swiss private bank J Safra Sarasin; Brazil’s Banco Safra; and Safra National Bank of New York – and is a large real estate and agribusiness investor.

Flexjet got close to going public in 2022 via a SPAC run by Todd Boehly (a significant Flexjet investor) called Horizon Acquisition Corporation II. It cancelled this in April 2023. Since then it has held several talks with investors including at least one sovereign wealth fund.

It will be intriguing to see what opportunities Flexjet can find synergies with L Catterton and LVMH. You can guess which champagne they toasted the deal with.