FlyExclusive targets three-digit fleet as charter operator returns to growth

FlyExclusive founder and chief executive Jim Segrave is targeting a return to "three-digit" fleet size by this time next year, according to FlightGlobal. The goal would position the North Carolina charter operator as the third-largest fractional provider in the US market, behind NetJets and Flexjet.

The company currently operates about 80 aircraft, largely composed of Cessna Citation and Bombardier Challenger models. Segrave told FlightGlobal: "We are back in growth mode and adding the right airplanes in a disciplined way."

The expansion follows a two-year restructuring period during which FlyExclusive offloaded 40 underperforming older aircraft. The company has been consolidating its fleet around three aircraft families: the Citation CJ3 and larger Ascend/XLS, and the Challenger 350/3500. It currently operates 11 Challenger aircraft, with fresh CJ3 Gen 2s expected to arrive next year. Two remaining HondaJets inherited from a 2025 deal with Volato are being phased out by the end of 2026.

Segrave emphasised that growth alone is not the objective. "I want to be one of the top three, but it's about our personal touch, our sales team," he said. "We're smaller [than NetJets and Flexjet] so we're very focused on customer experience and being the best rather than the biggest."

The company listed on the New York Stock Exchange in December 2023 and recorded $376 million in revenues last year. Earlier this month, FlyExclusive officially unveiled new corporate offices in Raleigh, the North Carolina state capital. The new premises supplement rather than replace the company's former facility in Kinston, which will remain its maintenance hub.

Segrave attributed the move to staffing needs. "To take the business to the next level, we have to be able to recruit," he said. "I still believe being in the office matters, and in Kinston we were struggling to find the right people to grow the business. We've been here [Raleigh] for 90 days and already we're recruited some remarkable folk into top level positions. They are moving the needle so fast."

Kinston had been FlyExclusive's home since the business began. It is unclear from available reporting whether the company plans further office expansion or additional hubs elsewhere.