VistaJet signed a transaction with investment funds affiliated with Rhône Capital, which have invested $150 million of cash into the business.
Together with secondary acquisitions, Rhône will have a $200 million stake in VistaJet, in a transaction valuing VistaJet’s equity on a post-money basis in excess of $2.5 billion.
VistaJet’s Founder and Chairman Thomas Flohr said, “With the investment announced today, the equity valuation in excess of $2.5 billion and our fully scalable technology driven business model, VistaJet is ideally placed to take advantage of the opportunities to shape the market as it further develops in the years to come.”
With an operations hub in Malta and main sales offices in London, Dubai, New York, Los Angeles, Hong Kong, Shanghai and Beijing, VistaJet has built a fleet of more than 70 wholly-owned super midsized and ultra-long range aircraft.
In the first half of 2017, VistaJet’s EBITDA rose by 32% year-on-year. The company saw a 51% growth in the total number of subscription program hours sold year-on-year in Q2/17, and program membership revenue reached a record high of 63% of total revenue, up from 55% in the previous quarter. It also recorded a customer retention rate of 91% in the first half of 2017.
Steven Langman of Rhône Capital said, “We seek to invest in the leaders in any sector, and with VistaJet we have invested in the best. We have closely followed Thomas and VistaJet for some time, and we are convinced that the Company’s business model and global strategy give it a superior advantage in the marketplace. We share management’s vision to significantly grow the business, both organically and by acquisition, and we are prepared to make further investments, if needed, to achieve these goals. We are pleased to have invested in this dynamic industry pioneer.”
Jefferies acted as the financial advisor to VistaJet in connection with the transaction. Linklaters provided legal representation to VistaJet.
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