Kinston-based flyExclusive has agreed to acquire Volato’s aircraft sales division for $2.1 million in stock. The private jet company expects to generate $6 million to $8 million in profit in the fourth quarter of 2025 from the deal.
The agreement also gives flyExclusive the right to acquire technology platforms from the Atlanta-based private jet charter company, including Vaunt, a travel app that provides access to private jet empty leg flights, and Mission Control, a flight management private aviation operation software, for an additional $2 million in stock.
The companies have been in an aircraft management services agreement since September 2024, according to an SEC filing.
“We entered into our original agreement with Volato to provide a unique solution to Volato’s customers while maintaining an option to acquire the entire company. That, however, would have meant assuming debt and obligations that didn’t align with our transformation and growth strategy,” said Jim Segrave, chair and CEO of flyExclusive, in a statement. “This structured transaction delivers far greater value, at an attractive multiple on our invested capital, plus the ability for flyExclusive to expand our services in the software sector by bringing exciting high-growth technology platforms in Vaunt and Mission Control fully under our control.”
Volato will distribute a dividend to its shareholders as part of the deal.
Vaunt achieved $1 million in revenue in the first eight months after its 2023 launch, Volato reported last year. In 2024, the platform charged subscribers an annual subscription of $995. The service allows subscribers to apply for any empty-leg flight offered. The subscriber, if selected, is then allowed to to fly on the Volato flight at no cost outside the annual fee, according to Volato’s website. The company successfully filled 450 empty-leg flights in the first eight months.
The Vaunt platform generates cash flow and Mission Control streamlines aviation scheduling and operations to enhance client experience, and flyExclusive plans to continue developing according to a release from flyExclusive.
On July 28, Volato announced a merger with M2i Global, Inc., a Nevada-based company specializing in the global supply chain for critical minerals.
The transaction with flyExclusive provides value to Volato’s shareholders while maintaining its planned merger with M2i, says Volato CEO Matt Liotta in a release.
Volato shares were trading around $2.03 on Tuesday, down about 72% in the past year after trading between $1.14 and $19.05. In comparison, flyExclusive shares were trading around $4.28 on Tuesday, up about 59% in the past year after trading between $1.79 and $6.89 in the past 52 weeks.
Segrave launched flyExclusive in 2015 with two jets after selling his Segrave Aviation to Delta Air Lines. He has built one of the five largest companies in the charter jet industry, offering service on a mix of 100 owned and leased aircraft, including light, midsize, super-midsize and large aircraft.
It also maintains, repairs and overhauls planes for third parties and its own fleet.
flyExclusive went public in affiliation with New York-based EG Acquisition, a “special purpose acquisition company,” or SPAC company that raised $225 million when it went public in 2021.