Who Owns flyExclusive Company?

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Who Owns flyExclusive?

Understanding the ownership of a private aviation company like flyExclusive is key to grasping its market strategy and future. Founded in 2015 by Jim Segrave, the company operates from Kinston, North Carolina.

flyExclusive aims to be a top-tier, integrated private aviation provider, focusing on quality, convenience, and safety across its services. Its operations include fractional ownership, jet cards, and charter services, complemented by MRO capabilities.

Who owns flyExclusive?

flyExclusive, Inc. became a publicly traded entity in December 2023 following a merger with EG Acquisition Corp., a SPAC. This move, which resulted in trading on the NYSE American under the ticker FLYX, significantly altered its ownership structure. As of 2024, the company reported estimated annual revenues exceeding $350 million and managed a fleet of approximately 100 aircraft, positioning it as a major operator, particularly of Cessna Citation jets. This transition to public ownership means that a significant portion of the company is now held by public shareholders, alongside its initial founders and any private equity or venture capital investors involved prior to the IPO. Analyzing the flyExclusive BCG Matrix can offer insights into the strategic positioning of its various service offerings within this new ownership framework.

flyExclusive was established in 2015 by Jim Segrave, who continues to lead as its Founder, Chairman, and CEO. Segrave's extensive background in aviation, including over 11,000 flight hours and an Airline Transport Pilot License, provided a strong foundation for the company. His prior entrepreneurial success with Segrave Aviation, Inc., which was later acquired by Delta Air Lines, significantly influenced flyExclusive's initial strategy.

Founder's Vision

Jim Segrave founded flyExclusive with a clear vision for a vertically integrated private aviation company. His focus on a standardized fleet of Cessna Citation aircraft was key to optimizing operations.

Early Operations

The company began with a small fleet of two jets and a team of six employees. Segrave re-entered the charter jet market in 2017 after his non-compete agreement expired.

Ownership Structure

Jim Segrave maintains substantial control through his parent company, LGM Enterprises, LLC. As of May 2024, he held 71% of the company's voting power.

Family Involvement

Jim Segrave's father, Thomas J. Segrave, Sr., was involved in the early capital formation of Segrave Aviation, Inc. He also served as its Chief Financial Officer for a decade.

Entrepreneurial Background

Segrave's prior success in founding Segrave Aviation, Inc., which was sold to Delta Air Lines, provided him with invaluable experience. This experience shaped flyExclusive's business model and growth trajectory.

Growth Trajectory

From its initial modest fleet, flyExclusive experienced rapid expansion. The company's strategic focus on operational efficiency and customer service fueled its early growth.

While specific initial equity splits are not publicly detailed, Jim Segrave's significant ownership stake underscores his central role in the company's direction and strategy. His vision for a vertically integrated private aviation operation, detailed in the Revenue Streams & Business Model of flyExclusive article, was instrumental in shaping the company's early operations and its approach to fleet management and client service.

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The ownership structure of flyExclusive underwent a significant transformation in December 2023 when the company merged with EG Acquisition Corp., a SPAC, and became publicly traded on the NYSE American under the ticker FLYX. This event marked a pivotal moment in the history of flyExclusive ownership.

As a publicly traded entity, flyExclusive's ownership is now distributed among a broad base of institutional and individual shareholders. The company's transition to public markets has increased transparency and subjected its operations to greater regulatory oversight and investor scrutiny. Jim Segrave, the founder and CEO, continues to hold significant influence, retaining a majority of the company's voting power, which underscores his continued leadership in guiding flyExclusive's strategic direction. This structure allows for public investment while maintaining strong founder control, a common approach for companies seeking growth capital.

Key Investors and Funding

Significant capital infusions have been secured to fuel flyExclusive's growth and operational enhancements.

• In March 2024, an investment vehicle managed by EnTrust Global and EG Sponsor LLC provided $25 million in preferred equity.
• This funding was specifically earmarked for fleet upgrades and expansion initiatives.
• An earlier $25 million equity investment from EnTrust Global in March 2024 supported working capital and aircraft acquisition plans.
• The company's merger with EG Acquisition Corp. in December 2023 provided an additional $85 million in funding through committed convertible notes.
• Understanding these financial backing mechanisms is crucial for grasping the current ownership structure of flyExclusive.

The operational and financial performance of flyExclusive is now under the watchful eye of its public stakeholders. In 2024, the company reported revenues of $327.3 million, a slight increase of 3.8% from the previous year, though it incurred a net loss of $101.5 million. For the first quarter of 2025, revenues reached $88.1 million, marking a 10% year-over-year increase, with a notable reduction in Adjusted EBITDA loss to $6.3 million. These figures provide insights into the company's financial health and are key considerations for current and potential investors in flyExclusive. For a deeper understanding of the company's guiding principles, one can explore the Mission, Vision & Core Values of flyExclusive.

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The Board of Directors at flyExclusive is instrumental in shaping the company's governance and strategic direction, representing a blend of founder influence, significant investor interests, and independent oversight. This structure aims to balance the vision of its founder with the requirements of public company accountability.

Jim Segrave, as the founder, Chairman, and CEO, holds a commanding presence on the flyExclusive board. As of May 2024, his control extends to 71% of the company's voting power, a significant concentration that underscores his substantial influence over corporate decisions. This level of control is often facilitated by structures like dual-class shares, which allow founders to maintain operational and strategic command even after a company becomes publicly traded. The board also features key representatives from major investors, such as Gregg S. Hymowitz from EnTrust Global and Gary Fegel from GMF Capital, highlighting the financial backing and strategic partnerships that support flyExclusive. Independent directors like Frank Holding Jr. and Michael S. Fox provide external perspectives, ensuring a broader range of expertise and governance. Thomas J. Segrave, Sr.'s inclusion brings valuable aviation industry experience to the board. The company's 2023 Equity Incentive Plan, effective December 2023, aligns compensation with performance, a standard practice for public entities seeking to motivate leadership and align interests with shareholders. The current ownership structure of flyExclusive, with its founder retaining significant voting power, is a critical aspect of understanding who owns flyExclusive and how its operations are managed.

Understanding flyExclusive's Voting Power

The concentration of voting power in the hands of the founder, Jim Segrave, at 71%, is a defining characteristic of flyExclusive's governance. This structure is designed to preserve the founder's vision while navigating the complexities of public markets.

• Founder's control: Jim Segrave holds 71% of the voting power as of May 2024.
• Investor representation: Key investors like EnTrust Global and GMF Capital have board seats.
• Independent oversight: The board includes independent directors with diverse professional backgrounds.
• Governance alignment: The 2023 Equity Incentive Plan aims to link executive compensation to company performance.
• Market scrutiny: As a public company, flyExclusive's governance is subject to increased market and institutional investor oversight.

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The ownership landscape of flyExclusive has undergone significant transformation in recent years, marked by its transition to a publicly traded entity. This shift was primarily facilitated by its merger with EG Acquisition Corp., a special purpose acquisition company, in December 2023, which led to its listing on the NYSE American under the ticker FLYX. This strategic move was designed to bolster its capital resources and broaden its market presence.

Further solidifying its financial foundation, flyExclusive secured a $25 million preferred equity investment in March 2024 from an investment vehicle managed by EnTrust Global and EG Sponsor LLC. This capital infusion, structured through Series A and Series B preferred stock, is earmarked for fleet modernization and operational needs. In July 2025, the company released shares of Class A Common Stock and warrants from a lock-up agreement, a move intended to enhance trading volume and liquidity, with an eye toward potential inclusion in Russell Indexes by June 2025.

Fleet Modernization Strategy

flyExclusive is actively retiring older aircraft and acquiring newer models, such as Challenger 300s and 350s. This initiative aims to boost operational efficiency and dispatch reliability.

Financial Performance Highlights

The company reported record revenue of $327.3 million for 2024, a 3.8% increase from 2023. Fractional ownership revenue saw a substantial jump from $6.0 million to $22.7 million.

Ownership and Control

While now a public company, founder Jim Segrave maintains significant voting power, holding 71% as of May 2024. This structure provides a degree of continuity in leadership and strategic direction.

Strategic Growth Initiatives

flyExclusive is pursuing a merger with Jet.AI's aviation division to further expand its reach and capital base. The company is focused on achieving positive cash flow and net profitability later in 2025, signaling a major operational transition.

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