--- title: "flyExclusive Going Public Through SPAC - SherpaReport" description: "Another large private aviation company, flyExclusive has just announced plans to become a public company. planning to merge with EG Acquisition Corp. (NYSE:EGGF)" url: "https://www.sherpareport.com/aircraft/flyexclusive-public-spac.html" date: "2026-10-06T19:19:14+00:00" language: "en-GB" --- [ ![Sherpa Report](https://www.sherpareport.com/images/sherpa-report-logo-white.svg) ](https://www.sherpareport.com/) #### Member login Remember Me - [ Forgot your username?](https://www.sherpareport.com/lost-user-name.html) - [ Forgot your password?](https://www.sherpareport.com/lost-password.html) GO [ ](# "Menu") # flyExclusive Going Public Through SPAC Nick Copley 17 October 2022 Last Updated: 27 April 2023 Another large private aviation company, flyExclusive has just announced plans to become a public company. The rapidly growing charter operator is planning to merge with EG Acquisition Corp. (NYSE:EGGF) and be listed on the NYSE. **Background** Since its founding in 2015, flyExclusive has grown into one of the largest operators of Cessna Citation aircraft in the world with a floating fleet of about 90 light to heavy jets. Founder & CEO Jim Segrave sold his former private jet company, Segrave Aviation, to Delta Private Jets in 2010. He then served as President of Delta Private Jets from 2010 to 2013. He will lead the new combined company after this SPAC deal is completed. In its early years flyExclusive provided aircraft to other operators and to brokers on a “wholesale” basis, but has been and continues to transition to contractual committed demand (GRP) and to its own Jet Club & fractional ownership products. The [Jet Club, flyExclusives’s jet card type membership program, was launched in May 2020](https://www.sherpareport.com/aircraft/flyexclusive-jet-club-memberships.html), and offers non-refundable, multi-tiered membership options, with a unique daily and hourly pricing structure. The company announced a new[ fractional ownership program in the Citation CJ3+ light jet e](https://www.sherpareport.com/aircraft/flyexclusive-start-fractional-cj3.html)arlier this year, with the first planes arriving in 2023 – but potential owners can start to use other planes in fleet straight away. Expansion of the fractional program to the mid and super-mid categories is expected immediately. In addition, the company has a partnership program for aircraft owners, under which flyExclusive purchases and upfits an aircraft, then sells it but assumes responsibility for maintenance and operations via a triple net lease. The partner/owner's benefits include tax depreciation and owner’s rates and is aimed at people who fly 80 – 150+ hours a year. Looking at hours flown, the company was the second largest Part 135 charter operator in the US in the first half of 2022. Having been the [fourth largest charter operator in the whole of 2021](https://www.sherpareport.com/aircraft/largest-charter-company-2021.html). As a bit of background, the FAA reports there were 1,863 [Part 135 charter operators](https://www.sherpareport.com/aircraft/aircraft-overview/far-part-135.html) as of 5/3/2022 - so many of these other operators are very small with just one or two planes. And the overall market has certainly been consolidating over the last few years with larger operators taking more market share. **Aircraft Fleet** The company operates primarily Cessna Citation aircraft, with a few large cabin Gulfstream G-IVs for longer flights. The rough breakdown of the current fleet is: - 10 Citation Encore Plus light jets - 12 Citation CJ3 light jets - 40 Citation Excel/XLS mid-size jets - 7 Citation Sovereign super-mid jets - 12 Citation X super-mid jets - 7 Gulfstream GIV-SP large cabin jets And the company is expecting to grow the fleet to 154 aircraft by the end of 2024. **Revenue Numbers** flyExclusive is anticipating total 2022 revenue of $360m and is estimating 2023 revenue of $522m and $729m in 2024. Most of the revenue comes from aircraft charter, with some from aircraft sales and third party maintenance work in the future. It says the year-over-year membership growth, in its Jet Club, has been 200% with about a 94% retention amongst existing members, and has substantial contractually committed revenues from wholesale clients. Looking forward the company says the “Private charter market has been and continues to attract greater proportions of first-class passengers from commercial airlines.” **Private Aviation Market** flyExclusive estimates the totally addressable market (TAM) for private aviation charter and fractional ownership at $32bn, which is split 55% corporate and 45% wealthy individuals. And it sees this growing to a potential market of more than $43 billion by 2025, driven by enhanced affordability, new customer segments, and increasing penetration in existing economic cohorts. It also refers to a McKinsey report that estimates only ~10% of households that can afford private aviation (i.e., households with a net worth over $10 million+) use it. As part of its growth, in 2022 flyExclusive estimates it has about 1.9% of the charter and fractional market and sees its share growing to 3.4% by 2024. **SPAC Transaction** Following the proposed SPAC transaction, flyExclusive is expected to have over $300m of net cash, which it can use to continue its growth. “We are excited to enter the public markets through our business combination with EG Acquisition Corp. This capital, combined with our leadership team’s significant aviation industry experience, will allow flyExclusive to rapidly grow our workforce,significantly expand our fleet and further invest in our customer experience, while maintaining our core values and family first culture” said Jim Segrave, CEO of flyExclusive. The respective boards of directors of both EG Acquisition Corp. and flyExclusive have each approved the proposed transaction. The parties expect that the proposed transaction will be completed in Q1 2023. Note. The news of this latest public offering closely follows the announcement last week that [Flexjet is going public via a SPAC ](https://www.sherpareport.com/aircraft/flexjet-public-spac.html)deal, and [Wheels Up went public via a SPAC](https://www.sherpareport.com/aircraft/wheels-up-doing-ipo-via-spac.html) in 2021. The largest private aviation company, NetJets, is owned by publicly quoted Berkshire Hathaway. *Editorial Update: As of April 2023, Jim Segrave has said that he now expects the company to go public in August or September 2023. The tickerr EGGF for the SPAC will convert to the ticker FLYX.* ### Related Items #### [FlyExclusive Q2 2026 Results & Growth](https://www.sherpareport.com/private-aviation-news/flyexclusive-q2-2026-growth.html) #### [FlyExclusive Q1 2026 Results: Revenue Expansion and Fleet Modernization](https://www.sherpareport.com/private-aviation-news/flyexclusive-q1-2026-results-fleet.html) #### [flyExclusive Redesigns Jet Club With Inclusive Pricing](https://www.sherpareport.com/aircraft/flyexclusive-redesigns-jet-club.html) #### [flyExclusive Offers Pre-owned Citation XLS+ Fractional Ownership](https://www.sherpareport.com/aircraft/flyexclusive-xls-fractional.html) #### [flyExclusive Reports Record Revenue and Positive EBITDA in Q4 2025](https://www.sherpareport.com/private-aviation-news/flyexclusive-reports-q4-2025.html) #### [Updated flyExclusive Jet Club Offers Access to Challenger Fleet](https://www.sherpareport.com/aircraft/flyexclusive-jet-club-challenger.html) #### [flyExclusive Acquiring Jet.AI Aviation Business](https://www.sherpareport.com/aircraft/flyexclusive-acquire-jet-ai.html) #### [flyExclusive Provides Aircraft Management to Volato. Has Option to Buy.](https://www.sherpareport.com/aircraft/flyexclusive-volato-deal.html) #### [flyExclusive Partnership With Inspirato](https://www.sherpareport.com/aircraft/flyexclusive-inspirato.html) #### [flyExclusive Becomes Public Company on NYSE](https://www.sherpareport.com/aircraft/flyexclusive-public-company.html) #### [flyExclusive Adds First Fractional Jets and 100th Overall](https://www.sherpareport.com/aircraft/flyexclusive-100th-overall.html) #### [flyExclusive Reduces Jet Card Prices & Enhances Terms](https://www.sherpareport.com/aircraft/flyexclusive-reduce-card-prices-terms.html) ### SherpaReport monthly newsletter First Name Email Comments ### Latest News in Private Aviation ![](https://www.sherpareport.com/images/stories/planes/Premier-Hawker800-250.jpg) #### [ Premier Private Jets at a Glance: Products, Fleet, and Infrastructure ](https://www.sherpareport.com/aircraft/premier-private-jets-overview.html) ![Mike Silvestro opening Farnborough FBO](https://www.sherpareport.com/images/stories/planes/Flex-Mike_Silvestro-Farn-250.jpg) #### [ Inside Flexjet’s New Farnborough Terminal and Red Label Academy Expansion ](https://www.sherpareport.com/aircraft/inside-flexjets-farnborough-terminal.html) ![](https://www.sherpareport.com/images/stories/planes/flyte-vision-N440MA-250.jpg) #### [ Flyte: A Focused Regional Vision Jet Operator ](https://www.sherpareport.com/aircraft/flyte-vision-jet-operator.html) ![](https://www.sherpareport.com/images/stories/planes/NetJets-P500-250.jpg) #### [ How Old Is the Private Jet You Are Flying On? ](https://www.sherpareport.com/aircraft/how-old-private-jet.html) ![](https://www.sherpareport.com/images/stories/planes/ClayLacy-Charter-250-2.jpg) #### [ Solairus Acquiring Clay Lacy Aircraft Management & Charter Divisions ](https://www.sherpareport.com/aircraft/solairus-acquire-clay-lacy.html) ![](https://www.sherpareport.com/images/stories/planes/NetJets-Citation-Longitude-2502.jpg) #### [ NetJets Pauses New Jet Card And Short Lease Sales ](https://www.sherpareport.com/aircraft/netjets-pauses-jet-card-sales.html) ### Aviation Company Profiles ![Aviation Company Profiles](https://www.sherpareport.com/images/company-profiles/CompanyProfile.png) Details on the leading private aviation companies, including aircraft management companies, fractional operators, charter operators and brokers. - [Find out more](https://www.sherpareport.com/aviation-company-profile/) ### SherpaReport Membership Get the latest, updated data and insights on the leading fractional jet programs, leading private jet card and membership programs, and the top-rated charter operators. 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