NetJets Buys Marquis Jet, Terms Undisclosed

AINalerts » November 4, 2010
November 4, 2010, 11:51 AM

This morning, Columbus, Ohio-based NetJets announced it acquired jet card provider Marquis Jet Partners. Marquis Jet was started in 2001 by Kenny Dichter, offering 25-hour jet cards essentially equivalent to a 32nd share of a NetJets airplane. Jet card buyers purchase a “pre-paid sub-lease of a specific aircraft,” according to Marquis, which owns 65 airplanes in the NetJets fleet. Dichter is now vice chairman of NetJets and reports to NetJets chairman and CEO David Sokol. No details of the transaction were disclosed, but Sokol said that the deal “will yield meaningful cost benefits.” NetJets stated that the decision to buy Marquis Jet was part of the fractional provider's 10-year business plan. NetJets also revealed that chief legal counsel Jordan Hansell was promoted to president of NetJets and will oversee plans for NetJets to expand into China. Marquis Jet and NetJets year-over-year sales are up 6 percent and 8 percent, respectively, according to NetJets. “We're excited about this acquisition,” Sokol said. “This allows us to use the card and our fractional-share program to customize products for owners. It gives us pricing flexibility by controlling both.” A long-time veteran of the charter industry told AIN that he thinks highly of Sokol's acquisition of Marquis Jet. “I think this is a great move on his part. It makes so much sense because they need each other.”

FILED UNDER: 
Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.

 
X