“We are thrilled to have Kompass Kapital join the Airshare ownership group and strongly believe its investment will have a material impact on our future,” said John Owen, CEO, Airshare.

“Kompass’ reputation is impeccable, and their track record in helping businesses flourish is well known. Additionally, they have already demonstrated great success in partnering with our legacy ownership group through other investments.”

Airshare has grown significantly in recent months. After acquiring Wheels Up aircraft management business last year, the company nearly doubled in size and now operates almost 150 aircraft. The aviation company’s current fleet comprises of 14 Phenom 300s and seven Challenger 3500s. 

Airshare offers a variety of private aviation services, including aircraft management, charter flights, and fractional ownership programs.

“We are very excited to partner with Airshare, where we join a talented team dedicated to serving the private aviation needs of business and leisure customers both domestically and internationally,” said Bradley Berger, managing partner, Kompass Kapital.

Jefferies acted as exclusive financial advisor to Airshare. Lathrop GPM served as legal counsel to Airshare, and Spencer Fane served as legal counsel to Kompass Kapital.

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The problem, he says, is “boutique” is bandied around too often, but in his case he really means it.

“Everyone says boutique, but you cannot be boutique when you have 25 or 30 planes, because the management are lost in board meetings and travelling all the time,” he says.

Instead, Belgian Laitat, who was previously the CEO and accountable manager of Abelag/Luxaviation Belgium, intends to cap his fleet at 15.

“My goal is not fleet size,” he says. “Of course, we will be profitable. It’s not a goal to lose money. But my biggest pride is that at Abelag very few owners left. Some of them, I was operating their fourth successive plane. So if you have that as a passion, you can make a living quite decently.”

Fulfil promises

JetHouse, which is registered in Malta, launched with a Dassault Falcon 7X in Brussels in early 2024 and Laitat plans to add another aircraft “every six to nine months”.

“I have good confidence that they will come,” says Laitat, who oversaw a fleet of 25 aircraft at Abelag. The 15 is “not a magic number”, he adds, but about the level where he and his senior team of eight, with about 175 years’ collective experience in the business, can provide a “boutique” service. Alongside Laitat as founders are Nicolas Willemot, the CFO, and Tina Boeckx, director of flight operations, both also formerly of Abelag.

“It becomes difficult to fulfil promises because it’s always the founder or the CFO, who at some point met an owner and said, ‘OK, we’re going to pamper you’. But when it’s too big, the person feels you don’t follow them in the same way. So it’s really a matter of time that is driving this number in the fleet.

“We don’t like to disappoint. Of course, sometimes, even the bad weather is your fault but having a client who sends you a handwritten note saying, ‘I’m so happy to have joined you’. It’s what we have in our blood.”

Passion for service

JetHouse’s natural market is Europe, the Middle East and “why not some French-speaking countries in Africa” but Laitat is not planning to expand for the sake of it.

“If someone was really begging to operate now out of Bermuda, I’m not sure I’m the right person,” he says.

Laitat was at Abelag for nearly 20 years, including for the acquisition by Luxaviation in 2013 and the purchase of ExecuJet in 2015, but left in 2021 with Willemot following closely behind.

“Let’s say that it became so big,” he says. “It’s not a criticism, it’s just a fact, it suits you or not.”

He quickly took up running AllianceJet in Malta, but the tide was pushing him towards setting up on his own and in May last year he took the plunge. Knowing he needed his team in place before he could meet with Transport Malta to apply for the AOC, he began ringing around trusted former colleagues and a number left jobs to join him. Laitat also partnered with Fiona Healy, MD, FCF Assets who “delivered impeccable guidance on all the steps needed to expedite the AOC”. The licence was signed off in seven months in February 2024.

“I wanted to have something with an amazing team, and be able to do something without any obstacles, with this passion for service,” he says. 

“The beauty of starting from scratch is we had the possibility to use these new technologies that have flourished in recent years that are all integrated. It is efficient and helps everyone.”

Freedom

A lack of transparency is one of Laitat’s bugbears in the industry and he is determined to operate differently at JetHouse.

“The way to keep the loyalty of clients is to always be able to look at yourself in the mirror,” he says. “It’s a small world and in the end, the cost of changing an owner or having plus three aircraft one year, but minus four the next, it’s not efficient.

“Of course, there are very few clients and it’s a tough business. Sometimes just to reach for a coffee with an owner, it’s the work of nine or 12 months.”

Building trust with a client leads to a “fantastic adventure for a long time”, he adds.

Laitat admits that being an entrepreneur doesn’t always come naturally but he is relishing a new adventure with JetHouse. 

“Some people are born entrepreneurs, some have to be entrepreneurs by the events of life, you know? But it’s quite fantastic to have this freedom,” he says.

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“Transparency and innovation are at the core of our fractional model and continue to differentiate us in the marketplace,” said Brad Blettner, chief revenue officer, flyExclusive.

“The JetQuity Protect program offers a compelling proposition to our fractional customers by creating easier planning and certainty in their investment. We’re proud to further simplify the process of owning a private jet share and provide our customers with a best-in-class experience along the way.”

By paying a one-time fee upfront, owners can lock in a minimum value for their share of the jet. This protects them from the possibility that the market value of the jet could decline after five years.

In addition, regardless of how the jet market performs, the program guarantees they can sell their share for at least the predetermined price. If the market value of the jet happens to be higher than the guaranteed minimum after five years, the owner gets the higher amount.

The company said that the program provides certainty as to the future value of the asset while ensuring that fractional owners can sell their aircraft share at the guaranteed price.

flyExclusive owns and operates the second-largest fleet of Cessna Citation aircraft in the world, giving fractional owners guaranteed access to a large, versatile fleet of light, mid or super-mid aircraft with no monthly management fees.

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As a broker today, like our colleagues, we have more inventory to work with, and that alone should make hopping off the fence and into a transaction feel more comfortable for a buyer. We are long past the days of only 1-2% of manufactured aircraft for sale at any given time. Still trying to reach what used to be a benchmark for health of 10%, but in most categories, we are solidly at 5-7%. That brings terrific choice to the buyer community. Along with choice comes the opportunity for negotiation, the opportunity to provide real due diligence to the transaction, and the opportunity to have a calmer less frenzied transaction.

This all sounds wonderful as we look ahead to a successful year. However, as calm and balanced as we find ourselves, if one were to think what we do to complete a transaction is simple, then they are probably not really getting past the activity phase of the transaction. In any given transaction, there are a myriad of players. Each side has a team and melding them together to have one success story is not always easy. Some players have their own agendas, some have less experience in the process, and others have ideas for creating paths to success that cannot always be articulated to all involved.

So how do we get from what could be one of our most successful first halves of a year to celebrating in December after one of our best years? The answer is don’t take your eyes off the ball. Don’t sit back and just think everyone will play correctly together. Don’t dare just assume all will end up like it started.

We still must remember the customer first. They may still be nervous about entering the fray. They may be thinking about the national election, the geopolitical environment, or interest rates. We must not try to simplify what are real and complicated thoughts, but rather help put them into perspective and see the changed landscape we are operating in today with more choice and negotiation. Helping them focus on the benefits of operating their own aircraft. As I always say, the chance to get out ahead of your competition and be in front of your customer is invaluable. The joy of taking your kids, grandkids, and pets around the world to make memories is impossible to place a value on.

So not only do we, as industry professionals, have reason to count the ways, but we also can uncomplicate the complicated. So, join us in the transaction arena and let’s all work together to help our prospects turn that first phone call into a transaction.

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The three-in-one service aims to streamline and expedite business jet transactions, particularly for those involving UK or EU importation. The service will cater to business jet owners, lawyers, and advisors who need a guaranteed turnaround time and fixed price for aircraft transactions.

By bringing together tax advice, company formation, and VAT business plan creation under one roof, FLY reduces the risk of delays often encountered when multiple parties are involved.

“Clients, lawyers and advisors know that time kills deals,” said Mark Byrne, director, Martyn Fiddler.

“Business aviation clients want tax advice they can rely upon, a compliance process that will take into account and mitigate applicable VAT as well as a guaranteed timescale for completion. FLY by Martyn Fiddler is our latest innovation to solve all these challenges: it’s a 3-in-1 business aviation product created to fast-track business aviation deals and speed up all financing, inspections and registration issues.”

The company said that clients using the FLY service benefit from knowing their VAT position upfront, having a VAT-registered corporate entity established, and receiving a VAT-compliant business plan.

With a dedicated point of contact, clients can enjoy seamless communication throughout the process.

Started as a general corporate service provider, Martyn Fiddler specialises in VAT, customs and ownership for business aircraft services.

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Mr Fiddler set up Martyn Fiddler Associates in 1984 as a corporate services provider but went on to become a leading expert and industry voice in VAT, customs and ownership of business aircraft. 

He began his aviation career in operations at British European Airways at Gatwick Airport before joining Universal Aviation at Stansted. 

He also launched Helicopter and Aviation Services (HASL), focusing on transporting VIPs to major sporting events in the UK. He sold the business in 2001.   

Martyn Fiddler Associates was bought by Inter-Continental Management Limited (ICM) in 2006, eventually becoming becoming Martyn Fiddler Aviation in 2016.   

Mr Fiddler phased in his retirement in the mid 2010s but continued to retain a handful of VVIP clients until a few years ago.  

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The SFX+ programme has seen SkyShare expand its fleet with Gulfstream G450s and Challenger 300s, in addition to its fleet of Pilatus PC-12s, Citation CJ2s and Citation Excels under the existing SFX programme. The new finance options are designed to make it easier for small and medium enterprises to access private aviation while retaining capital in their businesses.

“Part of our culture at SkyShare is to empower small to medium-sized businesses,” Cory Bengtzen, CEO and founder of SkyShare told CJI. “As we work with these entrepreneurial clients to find the best way to fly for their businesses and families, one factor that always comes up is cash flow. Many of our clients who buy a full aircraft often take on debt against the aircraft to keep their cash working within their business(es). So naturally, the question that follows is, ‘Why not do that for fractional ownership?’”

But until now, it just wasn’t possible, it didn’t fit inside the box of “how things are done”, said Bengtzen. “So we decided to do something new and hopefully exciting, and lower the entry barrier, allowing our clients to keep their cash working for them while still taking advantage of all the bonus depreciation tax savings. 

“Remember that most, if not all of our clients, could pay cash for their share, but many would prefer to keep their cash flowing. Moreover, with the finance package we’ve put together, the payments are incredibly low because we can finance the loan over a longer period with a balloon payment when the aircraft sells.”

Fractional ownership already lowers the barrier to entry for private flight by cutting costs as much as 1/16 versus full-ownership, while still providing guaranteed availability and a low-commitment three-year term. Under SkyShare’s new financing plan, the barrier to entry comes down even further.

For example, in the SFX programme, shares start at $335,000. The new financing programme requires only 35% of that down ($117,250) and monthly finance payments as low as $2,354. For the large-cabin SFX+ programme featuring Gulfstream G450s, shares begin at $950,000, with financing options starting at a $332,500 down payment and $6,684 monthly finance payments. 

“We chose to use pre-owned aircraft, which reduces the acquisition price by half. This also allows our owners to pick the best aircraft for each specific flight. In the SFX programme, you can take an Excel to Texas one day and the next day take a PC-12 to a small, remote runway in the middle of nowhere. With our new SFX+ programme, you will be able to access our entire fleet, flying a G450 to New York one day and using the PC-12 or a light jet for your next meeting and home before dinner.”

SkyShare’s financing also still allows fractional owners to take full advantage of bonus depreciation benefits on their taxes. “Our goal is to make private flight as accessible and beneficial as possible, ensuring clients can keep their money working for them while enjoying all the benefits of a personal aircraft fleet. If you’re a small or medium business aiming to compete with a Goliath in your industry by doing more business face-to-face, here’s a brand new slingshot.”

The new initiative coincides with SkyShare’s 15th anniversary, marking a significant milestone in its history. Bengtzen said he has been “incredibly fortunate to bootstrap” the company without any outside investment or pressure from private equity firms dictating how the business is ran. 

“In the next 15 years, we aim to grow the company and expand nationwide through acquisitions starting in 2026. Our team will continue to support our clients in our fractional program, charter services, and in full aircraft ownership, helping them acquire/sell aircraft, manage their asset, and reduce their operational expenses with charter revenue, if they desire.”

The post ‘Lowering the entry barrier’: SkyShare makes changes to fractional ownership appeared first on Corporate Jet Investor.

The aircraft, which are in service with customers, were delivered within a month of achieving FAA type certification. Beginning the deliveries so soon has been described as a “milestone” for Gulfstream’s “history of raising the bar” for business aviation, said Mark Burns. 

“We appreciate the confidence our customers have demonstrated in our aircraft and look forward to continuing these deliveries in the weeks ahead,” added Burns, president of Gulfstream. 

According to Gulfstream, the G700 has the most spacious cabin in the industry. It also features the Gulfstream Cabin Experience with 100% fresh air, whisper-quiet noise levels, natural light from 20 Gulfstream oval windows and the industry’s lowest cabin altitude. 

The aircraft set more than 50 city-pair speed records prior to entering service and can fly 7,750nm (14,353km) at Mach 0.85 or 6,650nm (12,316 km) at Mach 0.90. It also the fastest in the Gulfstream fleet with a maximum operating speed of Mach 0.935.

“We are excited for our customers to experience the unparalleled G700 as we continue to deliver this exceptional aircraft around the world,” said Burns.

See our Buyer’s and Investor’s Guide to the Gulfstream G700 here.

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FTX bought two aircraft – the Legacy and a Bombardier Global aircraft. The Legacy has been in the Bahamas since the collapse of FTX.

Island Air Capital, a Bahamian air charter company, had argued in bankruptcy filings that it owned the aircraft. It has now agreed to the fly the aircraft to the US.

“Under the primary terms of the Stipulation and Order, IAC agrees to withdraw litigation previously filed against the FTX Debtors, Stipulation and Order,” said Damian Williams, a US attorney in a court filing. In return the US government has agreed to pay costs for flying the aircraft to the US and for maintenance on the aircraft before the collapse of FTX.

The government is now asking for court authorisation to sell the Legacy.

Paul Aranha, the owner of Island Air Capital, had argued that Island Air Capital owned both the Legacy and the Bombardier Global. In a filing, Island Air Capital had said that it owned the aircraft using financing from FTX.  “The aircraft loan was in the form of an unsecured, no-interest loan agreed to in a handshake deal between FTX’s then-CEO Sam Bankman-Fried and IAC’s beneficial owner, Mr. Aranha,” said the operator in a court filing.  

In the filing Island Air Charter said it provided charter flights, aircraft upgrades and other services worth more that $15m to FTX and its founder Sam Bankman-Fried. Island Air Charter said that FTX did not wish to own the aircraft and agreed to finance two more aircraft for them.

The Bombardier Global was bought in March 2022 and the Legacy in August 2022. Both aircraft were being fitted with new interiors and connectivity when FTX filed for bankruptcy.

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“For too long, private flight departments have relied on outdated spreadsheets to manage their tax records, which has meant a time-consuming and error-prone process,” says Ryan DeMoor, head of aviation tax, MySky. “The IRS, accentuated also last week by President Biden, has announced an increased focus on business aviation – at a time when there can be no room for error, MySky Tax provides the most advanced corporate aviation tax software on the market.” DeMoor is also chair, of the NBAA Tax Committee.

Also read: MySky (AI)ding business aviation operations

The new MySky Tax modules include Federal Aviation Administration (FAA) Timeshare Billing, Federal Excise Taxes and 280F Reporting. DeMoor says that this allows flight departments to remain fully compliant with tax reporting without relying on manual data entry. 

“The new reporting modules will enable business aviation users to remain fully compliant when taking advantage of bonus depreciation, while also managing highly regulated timeshare billing and complex Federal Excise Tax calculations,” said DeMoor.

MySky uses artificial intelligence to help aircraft owners and operators track costs.  The new tax modules were announced at NBAA Schedulers & Despatchers Conference (pictured).

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