{"id":7617,"date":"2023-10-31T15:20:50","date_gmt":"2023-10-31T15:20:50","guid":{"rendered":"https:\/\/infundpros.com\/investment\/with-an-ipo-on-the-horizon-flyexclusive-is-looking-to-reach-a-new-altitude\/"},"modified":"2023-10-31T15:20:51","modified_gmt":"2023-10-31T15:20:51","slug":"with-an-ipo-on-the-horizon-flyexclusive-is-looking-to-reach-a-new-altitude","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7617","title":{"rendered":"With an IPO on the Horizon, flyExclusive is Looking to Reach a New Altitude"},"content":{"rendered":"
\n

His well-heeled clients fly to glitzy destinations like New York, Aspen, and Miami. But Jim Segrave continues to operate flyExclusive, his private-jet company, from tiny Kinston, North Carolina, where the population is just over 19,000,\u00a0<\/p>\n

\u00a0\u201cWe\u2019re within a two-hour flight of 70% of our departures, dead in the middle of the Northeast, South Florida, and Atlanta,\u201d Segrave tells Penta. \u201cFacilities are less expensive. And my roots are here.\u201d\u00a0<\/p>\n

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Since flyExclusive launched in 2015, it\u2019s grown so steadily that Segrave is planning an IPO before the end of the year. From US$99 million in revenues in 2019, FlyExclusive clocked US$320 million in 2022, projects US$367 million this year, and US$521 million in 2024, the company said in a statement. The company, which offers memberships as well as fractional ownership, owns 95 Citation jets, trains its own pilots, and handles its own maintenance. Depending on the program and aircraft selected, prices range from US$5,800 to US$10,000 an hour, a representative for the company said.\u00a0<\/p>\n

\u00a0flyExclusive is now the U.S.\u2019s fourth-largest private-jet company, a spokesperson said.\u00a0<\/p>\n

Over the past year, the segment has seen its share of turbulence. In August, Competitor WheelsUp shared \u201csubstantial doubt\u201d it could continue operating; fractional-jet player Flexjet canceled its own IPO in April, citing \u201ca less-than-favorable outlook in the equity markets.\u201d Commercial airlines, meanwhile, are facing a shortage of pilots, mechanics, and air-traffic controllers, even as travel soars.\u00a0<\/p>\n

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Segrave, who started in his family\u2019s cargo-aviation business before selling his own private-jet business to Delta in 2010, talked to Penta from his Kinston office.<\/p>\n

During Covid, many flew private to avoid other people and crowded planes. What\u2019s the main motivator now?<\/strong><\/p>\n

Let\u2019s just say that the airlines are our best salespeople, with cancellations, overcrowded and oversold planes, delays, and a lack of flexibility. The beautiful thing about private jet travel is that once customers fly private, with its efficiency and time savings, it\u2019s very tough to go back. And yes, the fear of catching the virus may have subsided, but in some people\u2019s heads, this is still a better way than flying with masses of people.\u00a0\u00a0<\/p>\n

Which airports do travelers have access to if they\u2019re flying one of your jets?<\/strong><\/p>\n

It\u2019s typically a reliever business airport, like Farnborough or Briggs in London or Teterboro near New York. It depends on timing. But if you told us your meeting is right next to JFK or LaGuardia, we could still get you there. It\u2019s just more expensive.\u00a0\u00a0<\/p>\n

Is there ever a cost argument to be made for flying private?<\/strong><\/p>\n

Purely from a cost standpoint, no, you\u2019re not going to get to a place where it makes sense. It\u2019s more about quality of life and what your time is worth. These are highly productive people flying with us. Here\u2019s a good example. Raleigh is the main commercial airport near me. It\u2019s 90 minutes away.\u00a0 I have to show up an hour early for my flight. If you fly an hour to New York, it\u2019s four hours by the time you get on the ground and on your way. If I fly private, I\u2019m in Teterboro in an hour. I can work in the morning, fly, have a lunch meeting, and fly back for dinner with my wife and kids.\u00a0\u00a0<\/p>\n

Has the pilot shortage affected your business?<\/strong><\/p>\n

The airlines are putting pressure on everyone in private aviation. They increase salaries, so we have to increase salaries, and of course pass that cost on to customers.\u00a0 We can recruit fairly well, but training people is the bottleneck. We\u2019ve brought our training in-house. But the cost of hiring has gone up 25%.\u00a0<\/p>\n

What do your customers value most in the flight experience?\u00a0 Do they want high-end amenities, expensive finishes, top-shelf liquor?\u00a0<\/strong><\/p>\n

They value safety and the training of our pilots. You can\u2019t compromise on anything from a safety standpoint. Beyond that? They want to leave on time, arrive when they expect to, and fly in a plane that\u2019s clean and cosmetically right. They want the car service in place when they get there. And they want to leave the plane and the airport as soon as possible. They want things to be seamless. They\u2019re paying this very expensive price to manage their time more effectively. One of our values on the wall in our office is \u201cminutes matter.\u201d\u00a0 Once in a while, someone will want crazy catering, or caviar. But that\u2019s rare.\u00a0<\/p>\n

Where have you traveled in 2023?<\/strong><\/p>\n

I\u2019m all over the place. I took the family to Iceland, Norway, and Denmark [earlier this year].\u00a0 We spent time in the Bahamas and Caribbean this winter.\u00a0 We like to take ski trips out west. I have the same travel patterns as our customers, and I\u2019m often running into them.\u00a0 I do fly myself everywhere we go.\u00a0 I own a Citation jet, and have 10,500 hours of flight time.\u00a0 I\u2019m proud to say my daughter just turned 18 and got her pilot\u2019s license.<\/p>\n

Is there a book, a business, or a mentor who\u2019s inspired you?<\/strong><\/p>\n

My dad was a serial entrepreneur. He\u2019s been one of my strongest influences throughout my life, and he\u2019s still a sounding board for me. \u00a0 He\u2019s agreed to serve on the board of directors once we go public. There are also customers along the way I\u2019ve become close with. Everybody\u2019s got something they can teach you. Dad always told me to learn from successful people how they got successful.<\/p>\n

The interview has been edited for length and clarity<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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