North Carolina Global TransPark’s flyExclusive To Manage Volato
flyExclusive inks deal to run Volato’s jets
Kinston-based private-jet operator flyExclusive is taking over management of aircraft services for Volato, an Atlanta company that specializes in leasing HondaJet planes, the companies said.
Under the agreement, flyExclusive will manage flight operations, sales and expenses of Volato’s fleet, consisting of 13 fully fractionalized aircraft, eight leased aircraft and four managed aircraft. flyExclusive’s goal is to transfer the aircraft to its certificate in coordination with the FAA.
“Over the years, we’ve made strategic investments to remove industry bottlenecks and grow and maintain a leading, consistent customer experience. We’re proud to welcome Volato’s customers and look forward to offering them access to our growing fleet of light, midsize and super-midsize jets,” flyExclusive CEO Jim Segrave said in a release.
Both companies went public late last year via special-purpose acquisition corporation mergers. Neither had made a public filing related to the agreement as of late Monday.
Volato is the 17th-largest charter/fractional private jet operator, while flyExclusive is fifth-largest.
Volato mostly operates seven-seat HondaJets assembled in Greensboro. It took on of its first HondaJet in 2021, then two years later ordered 23 more with deliveries scheduled through 2025. In 2022, the company also ordered four Gulfstream G280s for delivery this year.
But Volato has reported net losses of about $34 million during the first half of this year, with revenue totaling about $28 million. flyExclusive said it expects Volato will add $75 million in annual revenue. Volato shares closed Tuesday at 41 cents, after trading as high as $17 in the past year.
flyExclusive shares closed Friday at $4.26 and have traded between $3.39 and $24.21 in the past year. It reported about $160 million in revenue during the first half. It had a net loss of about $88 million during the period.
Article source – Business NC Magazine Article