Flexjet

Aviation entrepreneur Kenneth C. "Kenn" Ricci is the principal of Directional Aviation Capital, which owns or invests in various aviation enterprises including Flight Options and Flexjet, which he also serves as chairman. Ricci also is an operating partner at Resilience Capital Partners, a private equity firm with a wide variety of portfolio companies, including an investment in Flight Options, and has helped found or lead other companies, including Nextant Aerospace and Constant Aviation.

In 1981, Ricci began his entrepreneurial career by founding Corporate Wings, an aircraft management and charter operation company providing charter flight service to corporate clients. The company grew rapidly, with annual revenues increasing from $300,000 to approximately $3.4 million between 1981 and 1985, they still remain the industry leader. The firm was named to the Inc. 500 list of America's fastest-growing companies, among other honors.

Over time, Ricci expanded Corporate Wings into a diversified service-oriented transportation firm that provided other aviation support services; including aircraft maintenance, fueling and storage, and other aspects of aircraft operations.

In 2005, Corporate Wings acquired a stake in Mercury Air Centers, a company operating aircraft support facilities at airports around the U.S. As chief executive officer, Ricci realigned its operating divisions, deployed $245 million of invested capital and eventually sold the company to the Macquarie Infrastructure Trust in 2007. The deal was valued at $615 million.

Ricci founded Cleveland, Ohio-based Flight Options in 1998 in an effort to develop a nationwide fractional jet services ownership program. Flight Options enjoyed significant early success, with its annual revenues growing from $35 million to $300 million in 17 months of operations. In December 2001, the company combined operations with Raytheon Travel Air, a subsidiary of Raytheon Company, doubling the company's size.

Ricci left the company in 2003, but then re-purchased a stake in Flight Options in April 2008 and rejoined the company as chairman that summer. In March 2009, Directional Aviation Capital, an investment firm led by Ricci, and private equity firm Resilience Capital Partners, acquired an interest in Flight Options.

Like other companies in the private jet market, Flight Options saw its business diminish during the recession of 2008. However, the firm has recovered rapidly since then. Flight Options currently provides a suite of fractional jet services, membership and 25-hour jet card programs for personal travel by individuals using a full line of previously owned aircraft from a diverse range of manufacturers.

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