Vista Global, the newly formed parent company for VistaJet recently took in $200m in additional funding. They are putting some of this to work straight away by buying XOJet, one of the largest on-demand charter and private jet membership companies in North America.
XOJET owns and operates a fleet of 43 Bombardier Challenger 300 and Cessna Citation X super mid-size private aircraft. XOJet Access Solutions is a private jet membership program with three tiers - Select Access, Preferred Access and Elite Access. Only the top level Elite Access has fixed hourly rates – like other jet card programs - and also guarantees access to the XOJet fleet. The other two membership products have dynamic hourly pricing.
Just a few months ago XOJet said Access Solutions is nearing its target of 1,000 members within its launch year. In total the company serves over 5,000 businesses and individual clients and for the first half of 2018, the company saw its total revenue rise by 12%.
The acquisition is a major strategic step forward for Vista Global, allowing the group to build on its existing global offering and to reinforce its already established position in North America, the largest business aviation market in the world. The combined company wil have over 1,500 employees in 20 offices worldwide.
Vista Global’s Founder and Chairman Thomas Flohr said: “The journey started when I first saw an opportunity in the fragmented and inconsistent offering across the industry. Vista Global’s mission is to provide customer-centric solutions for every segment of business aviation and today’s announcement is a major step in that direction. This acquisition is the perfect addition to our global business. XOJET’s strength in North America and its reputation for offering great value perfectly complement VistaJet and the other businesses in the group.”
Bradley Stewart, Chairman & Chief Executive Officer of XOJET, said: “I am incredibly proud to be making today’s announcement which will see our company become part of a fantastic family of brands. Becoming part of Vista Global will enable XOJET to achieve our dream of becoming a truly global business, providing us with the very best technology and infrastructure. I believe that Vista Global and XOJET are fundamentally aligned in our commitment to serving clients. I am looking forward to working with the Vista Global team and its companies in the future.”
VistaJet refers to its jet card types membership as the VistaJet Program, and this makes up most of the revenue for the company. It sound like the combined company will keep both the VistaJet and the XOJet brands, so will have different membership programs for customers to buy in to.