Private aircraft services firm Flexjet announced today that it will partner with special purpose acquisition company (SPAC) Horizon Acquisition Corporation II to become a publicly-traded company listed on the New York Stock Exchange.
In addition to the Flexjet brand that offers fractional jet ownership and leasing, the company also operates Sentient Jet, which focuses on jet cards; FXAir and PrivateFly, with their on-demand charter programs; and Sirio, which specializes in full aircraft ownership. Combined, the company’s fleet includes 254 aircraft ranging from the Embraer Phenom 300 to the Gulfstream G650; it also includes 19 helicopters.
The company has projected revenue of $2.3 billion for 2022, and proceeds from the transaction are expected to fund fleet, program, and geographic expansion along with improvements in infrastructure such as maintenance facilities and private terminals.
“Having capital and currency will position us to expand market share at an accelerated pace in an opportunistic environment,” said Flexjet chairman Kenneth Ricci. “We are making this decision at a time when we believe the marketplace is expanding at a more aggressive rate."
The boards of directors of both companies have approved the proposed deal, which is expected to be completed by mid-2023.
Garmin said today it is expecting “imminent” EASA approval for the G5000 flight deck in Cessna Citation Excel and XLS midsize business jets. The G5000 has been a popular upgrade for U.S. operators of these Citation models since receiving FAA certification three years ago.
“Working alongside EASA, we are thrilled to bring this complete flight deck solution to the European market and further expand the G5000 upgrade program for the Citation Excel and XLS fleet,” said Garmin v-p of aviation sales and marketing Carl Wolf.
To date, the G5000 has received more than 100 commitments for installation in Excel/XLS twinjets, which includes charter and fractional provider FlyExclusive. “We are gratified with the success thus far and look forward to continuing along that steady growth path following EASA certification,” Wolf added.
The G5000 replaces the Excel/XLS’s original Honeywell Primus 1000 avionics with Garmin's three landscape-oriented flight displays avionics suite featuring split-screen capability that allows pilots to simultaneously view maps, charts, checklists, terrain avoidance and warning system, traffic collision avoidance system, flight plan information, and weather. These displays also permit viewing of electronic charts and Garmin SafeTaxi airport diagrams that are geo-referenced. Touchscreen controllers serve as the pilot interface to the flight deck and are intended to provide ease of operation and seamless transition between pages.
Duncan Aviation on Friday held a groundbreaking for a $40 million expansion of its MRO facility in Battle Creek, Michigan. First announced in April, the expansion includes a 46,000-sq-ft hangar and a 56,000-sq-ft, two-story building for storage, back shops, and office space. About 70 new jobs are expected to be added over the next five years in Battle Creek as part of the expansion.
Andy Richards, executive v-p and chief operating officer of the Battle Creek site, told attendees the growth of business aviation along with the size of the aircraft is prompting the expansion. “The result of this growth has been increased demand for hangar space required to complete the requested airframe, engine, interior, paint, and avionics modifications work for the business aircraft fleet,” he said.
Construction is expected to be complete in the first quarter of 2024. Once finished, Duncan will operate from a total of 480,000 sq ft at Battle Creek Executive Airport.
Surf Air Mobility (SAM) today signed a $450 million facility with Jetstream Aviation Capital to fund planned growth of its turboprop fleet. Jetstream, a U.S. leasing group specializing in commercially operated turboprop regional aircraft and engines, also agreed to purchase up to 250 hybrid- and all-electric propulsion systems for existing aircraft from SAM.
Los Angeles-based SAM will gain access to the financing facility over the next six years for both new and used Cessna Caravans and Pilatus PC-12s, subject to separate binding purchase and lease agreements for each individual aircraft.
Jetstream intends to take delivery of the 250 hybrid and fully electric powertrains from SAM over the course of five years, subject to FAA certification and the negotiation of pricing terms and the minimum commitment and definitive documentation.
SAM plans to first concentrate on scaling operations using the Cessna Grand Caravan, which would become the first aircraft electrified using the company’s hybrid electric powertrains. The company, which until earlier this year was partnered with Ampaire, hopes to prepare the conversion for commercial certification by 2025.
SAM’s plans to install a MagniX hybrid-electric propulsion system under development in partnership with modifications and aircraft modification specialist AeroTec in the Grand Caravan. Aerotec said it will support efforts to bring the modification to market under a supplemental type certificate that it will own.
Want more? You can find a longer version of this article at FutureFlight.aero, a news and information resource developed by AIN to provide objective coverage and analysis of cutting-edge aviation technology.
Duncan Aviation Shares Safety Management System Benefits
Duncan Aviation began developing an SMS (Safety Management System) in 2013, although there was not yet an industry regulatory requirement for MRO (Maintenance Repair and Overhaul) facilities to implement one. Hazard identification and risk management are SMS keys. Hazard identification is done three ways: reactively, proactively, and predictively.
Financing firms are slowing their investments into young aerospace companies as the economic climate becomes more uncertain, industry analyst Brian Foley of Brian Foley Associates reports. “Until this year, aerospace fledglings had their best chance in well over a decade to secure outside investment,” Foley said. “Suddenly, the new economic-financial climate has made fundraising an ever more difficult challenge for those needing outside capital and poses an outsized challenge to simply keep the lights on.”
He noted aviation became attractive as investors were looking for new opportunities, particularly with emerging technologies. “The sector became a new shiny thing for the investment community,” Foley said, adding that special purpose acquisition companies (SPACs) enable some of these nascent companies to skip traditional intermediate fundraising steps.
But, he maintained, “Today, the jig is up. Rising interest rates have made other investments outside of aviation more attractive. When coupled with an economy in flux, it creates a more defensive investor posture as it relates to risky early aviation ventures.”
He added that billions already poured into the sector are now at an “acute risk,” with casualties mounting. “The 2021 shutdown of the Aerion supersonic passenger jet program should have served as the canary in the coal mine for others.”
With an estimated 300-plus eVTOL aircraft proposed, the risk has increased. In addition, SPACs in the general aviation market have already seen values fall.
The fatal 2020 crash of a Houston Police MD Helicopters MD530E has stumped NTSB investigators. In its final report on the accident issued last week, the Board found the probable cause to be “an uncommanded right yaw that occurred for reasons that could not be determined based on the available evidence, which resulted in a loss [of] control.”
According to the NTSB, the helicopter—manufactured in 2008—went down shortly before 2 a.m. on May 2, 2020, while responding to reports of bodies in the water near the Biscayne at Cityview apartment complex. Video of the crash shows the helicopter hovering and then spinning before impact. Post-crash photos show the helicopter had clipped part of the apartment complex’s clubhouse before coming to rest on its side.
The NTSB was able to rule out a slew of potential causes for the accident, including loss of tail rotor effectiveness, vortex ring state, and any discoverable mechanical problem. Just before the accident, the pilot reported “strong vibration” in the controls while in a right-hand orbit. The helicopter then began to spin and he initiated the emergency procedure for loss of tail rotor function, lowering the collective and pushing the cyclic forward. The accident sequence appears to have begun when the helicopter was at a forward speed of 10 knots.
Aircraft management and charter provider Sun Air Jets has expanded its presence at Southern California business aviation hub Van Nuys Airport (KVNY) with the addition of 66,000 sq ft of hangar space for its managed aircraft clients and Part 145 repair station.
The company, which has a full-service FBO at nearby Camarillo Airport, partnered with aviation real estate firm Aeroplex Group Partners on two hangars that more than double Sun Air’s previous space at KVNY. The hangars can accommodate aircraft up to a Bombardier Global 7500 while the on-site repair station can work on jets ranging from Citations to Gulfstreams.
“Having space of this size makes Sun Air Jets one of the largest hangar facilities in Van Nuys and sets us up for continued expansion of our managed fleet and services at one of the busiest private aviation airports in the world,” said Justin Sherill, the company’s director of aircraft management. “The design of the facility is based on our clients’ needs, with a focus on privacy and ease of access for aircraft owners and passengers to be able to drive right up to their aircraft via a private gate.”
Built to California’s strict green building standards, the facility on the northwest corner of the airport also offers amenities such as private offices, lounges, conference rooms, and gated guest parking.
Universal Weather and Aviation’s U.S. Customs and Border Protection Reimbursable Services Program (RSP) has now expanded to 26 airports in the U.S.
In June, Universal became the first mission management company to be accepted into the RSP program. This allows the Houston-based trip support provider to request and prepay for overtime customs clearance services on behalf of its clients at approved airports where hours of operation are limited.
“Adoption of this service has been amazing and customer feedback is incredible,” said Laura Everington with the company’s global regulatory services division. “We’re adding new airports rapidly, including seven in the last week.” She added that while customers are requesting specific airports, Universal is moving as fast as it can to accommodate them. “It’s clear this is a service that’s in demand and a huge time saver and we’re excited to be able to meet that need.”
Airports in all parts of the country are included in Universal's RSP list, with the latest additions comprised of West Palm Beach International and Miami Opa-Locka Executive airports in Florida; Indianapolis International Airport, Memphis International Airport in Tennessee, Oregon's Portland International Airport, San Jose International Airport in California, and New York City-area Westchester County Airport.
CALS—a senior-level and laser-focused peer-to-peer networking summit—will address the latest and most cutting-edge topics, strategies, and solutions in corporate aviation. The summit is attendee-centric and serves as an educational and social platform, connecting select corporate aviation professionals with colleagues, industry experts, and solution providers in a relaxed, informal environment. We invite U.S.-based flight department leaders, including directors of maintenance, to apply to attend this event as our guests, which will be hosted Nov. 29 to Dec. 1, 2022, in Bonita Springs, Florida. Seats are limited, so don’t wait to apply.
People in Aviation
Safran Electrical and Power appointed Julien Péchalat as v-p of economic and financial affairs; he will also sit on the company's executive committee. Péchalat previously held roles with Ernst & Young as a financial auditor, then Deloitte as a senior manager, and various roles at Zodiac Aerospace, including deputy CFO. Most recently he served as Safran Aircraft Engines’ management control director.
Hartzell Propeller promoted Jon Stoy to v-p of sales, support, and services, succeeding v-p of global sales and product support Gary Chafin, who is retiring after a 35-year career with the company. Stoy joined Hartzell Propeller last year as director of sales with 14 years of experience in a variety of aviation sales roles, including general aviation business development manager for Aeroshell, director of aviation infrastructures and services for NetJets, and charter services manager for Executive Jet Management. Chafin will continue to serve all of the Hartzell Aviation companies as a consultant responsible for special projects.
Scott O’Brien has been named v-p of legislative affairs at Reliable Robotics. O’Brien has 18 years of experience in grassroots initiatives, legislative strategy, and public policy analysis having previously held the position of senior director of public policy and advocacy at NBAA. In his new role, he will represent Reliable before Capitol Hill and the Administration, along with industry associations to prioritize safety technologies that will prevent common aviation accidents.
StandardAero appointed KimAshmun president of the company’s components and accessories division. Ashmun has more than 20 years of experience in the aerospace industry, working at Lockheed Martin in a variety of technical, program, and executive leadership positions, including as v-p of global supply chain operations for Lockheed’s rotorcraft subsidiary Sikorsky.
Aircraft brokerage firm Coleman Jet Solutions appointed Jordan Rogers as aircraft transaction coordinator. Rogers has a background in business and sales management and is an instrument-rated private pilot and sUAS pilot. Before joining Coleman, he was partner and head of operations for Argentina Beef, a brand marketing specialist for CST Brands, and a territory manager for Wind River Tobacco.
The Malibu M-Class Owners and Pilots Association (MMOPA) named Mike Nichols as CEO and Jenna Reid as COO. Nichols has previous nonprofit association management experience, including nearly two decades at NBAA. Reid has prior experience in aviation operations, member service, and marketing.
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