Flexjet Agrees to Terminate Business Combination with Horizon Acquisition Corporation II
11 April 2023 - 11:00PM
Business Wire
- Flexjet’s Strong Financial Performance Will Allow for
Continued Opportunistic Acquisitions, As Well As Strategic Growth
in Infrastructure, Fleet, and Geographic Expansion Without the Need
for Public Capital.
Flexjet, Inc., a global leader in subscription-based private
aviation today announced that it has agreed to terminate its
previously announced business combination agreement with Horizon
Acquisition Corporation II (“Horizon”) (NYSE AMERICAN: HZON), a
publicly traded special purpose acquisition company, that would
have resulted in Flexjet becoming a publicly listed company. As a
result of the termination, Flexjet will remain a private
company.
“Because we have been dedicated stewards of our capital, there
will be no impact on the growth initiatives we have launched during
the past several years, which remain full steam ahead,” said
Flexjet Chairman Kenn Ricci. “We believe that the decision to
terminate at this time is in the best interests of our aircraft
owners, employees, and other stakeholders.”
Todd Boehly, Chairman and CEO of Eldridge and Chairman, CEO, and
CFO of Horizon said, “We have enjoyed and will continue our long
partnership with Flexjet’s management team and respect their
decision. We are glad that Flexjet and Horizon were able to agree
to the termination in a manner that is fair.”
Flexjet will remain opportunistic with respect to all capital
markets and available opportunities moving forward. Added Ricci,
“Flexjet and our other branded storefronts are highly sought-after
and trusted brands with 40 years of history in the aviation sector.
In 2022, we outperformed the financial targets provided at the
start of the SPAC transaction and continue to deliver significant
cash flows and compelling year-over-year growth. Our position of
strength gives us the flexibility to access the public markets at
the appropriate time.”
In 2023, Flexjet’s plan for growth includes:
- Taking deliveries of aircraft, with an additional 37 expected
this year, bringing the fleet to more than 270 aircraft by year-end
(excluding helicopters). By the end of 2023, Flexjet will have
added nearly 88 aircraft since Q1 2021.
- Bolstering an un-replicable global infrastructure, including
additional private jet terminals, the largest in-house maintenance
network in all of private aviation, maintenance facilities and a
new world-class Cleveland headquarters, which will feature a
state-of-the-art operations and control center.
- Continued acquisitions of opportunity, such as the recent
acquisition of Constant Aviation.
- Further expansion of the industry-first helicopter offering now
operating in Europe and in the U.S. Northeast, South Florida, and
London with Sikorsky S-76.
- Hiring across the organization, including planned hiring of 388
additional flight crews and 338 aircraft maintenance technicians in
2023. In total, Flexjet is expected to hire an additional 1,400
employees.
“Changing course mid-stream is not the easiest path, but I have
always respected our team for having the discipline to do just
that,” added Ricci. “We will remain nimble and alter course if
necessary to ensure we are always doing what is truly in the best
interest of our business. Nobody is better positioned to meet the
needs of an expanding global private aviation market as is
Flexjet.”
About Flexjet
Flexjet, Inc., a global leader in subscription-based private
aviation, first entered the fractional jet ownership market in
1995. Flexjet offers fractional jet ownership and leasing and is
the first in the world to be recognized as achieving the Air
Charter Safety Foundation’s Industry Audit Standard, is the first
and only company to be honored with 24 FAA Diamond Awards for
Excellence, upholds an ARG/US Platinum Safety Rating, a 4AIR Bronze
Sustainable Rating and is IS-BAO compliant at Level 2. Red Label by
Flexjet, a market differentiator, which features the most modern
fleet in the industry, flight crews dedicated to a single aircraft
and the LXi Cabin Collection of interiors. To date there are more
than 40 different interior designs across its fleet, which includes
the Embraer Phenom 300 and Praetor 500, Bombardier Challenger 350,
the Gulfstream G450 and G650. Flexjet’s European fleet includes the
Embraer Praetor 600 and the Gulfstream G650. Flexjet’s helicopter
division sells fractional, lease, and on-demand charter access to
its fleet of owned, operated and maintained Sikorsky S-76
helicopters which boast 55,000 hours of safe flying certified by
Wyvern and ARG/US and serving locations throughout the northeastern
United States, United Kingdom, and southern Florida. Flexjet is a
member of the Directional Aviation family of companies. For more
details on innovative programs and flexible offerings, visit
www.flexjet.com or follow us on Instagram @FlexjetInc.
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version on businesswire.com: https://www.businesswire.com/news/home/20230411005937/en/
Susan Ruiz Patton Flexjet Head of External Communications
216-333-9526 (mobile) Susan.Ruiz.Patton@flexjet.com
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