L Catterton has led an $800 million investment in Flexjet, valuing the private aviation company at $4 billion, highlighting the growing appeal of luxury travel among affluent consumers.

Target Information

L Catterton, a private equity firm focused on consumer investments and supported by LVMH and Bernard Arnault’s family holding company, has spearheaded an $800 million investment in Flexjet. This transaction represents the largest fundraising effort to date within the private aviation industry and values Flexjet at approximately $4 billion, an increase from a previous valuation of $3.1 billion during an abandoned SPAC listing in 2022. Other notable participants in this investment round include KSL Capital Partners and J Safra Group. Notably, 25% of the capital raised will be allocated as dividends to existing shareholders.

Flexjet, headquartered in Cleveland, operates a fleet exceeding 300 business jets and specializes in fractional ownership programs, effectively catering to the rapidly growing demographic of young, affluent clients, particularly those in technology and cryptocurrency fields. Over recent years, the average age of Flexjet's customers has decreased from 62 in 2019 to 58 today. According to Flexjet Chair Kenn Ricci, the company has seen an influx of entrepreneurs from various sectors, indicating a significant demand for larger aircraft suitable for long-distance travel to popular business destinations such as London and Dubai.

Industry Overview

The global ultra-premium jet market reached a valuation of $22.7 billion in 2024, with forecasts suggesting robust growth in the near future. Among the key drivers of this expansion are emerging trends in wealth distribution and the increasing mo