FlyExclusive, a Kingston, N.C.-based provider of private jet charter experiences, has merged with EG Acquisition Corp., a SPAC sponsored by EnTrust Global and GMF Capital.
With the deal, FlyExclusive and EG Acquisition Corp. will combine to form a new company that is expected to be listed on the New York Stock Exchange and will use FlyExclusive as the corporate operating brand. The transaction aims to provide FlyExclusive with additional capital to further its growth, better serve its customers and help the company become a fully vertically-integrated private aviation company. In addition, certain sovereign wealth and U.S. institutional investors will provide $85 million to FlyExclusive through the purchase of convertible notes that were entered into simultaneously with the business combination agreement, which is expected to be used by FlyExclusive for the acquisition of additional aircraft and related expenses. FlyExclusive founder and CEO Jim Segrave will lead the combined company.
“FlyExclusive is an ideal partner,” says Gary Fegel, founder of GMF Capital and chairman of EG Acquisition Corp. “Their differentiated model and track record of performance, combined with our investment and the continued acceleration of the private aviation market, will allow flyExclusive to extend their leadership position and deliver shareholder value.”
BTIG LLC served as financial and capital markets advisor to EG Acquisition Corp. Wyrick Robbins Yates & Ponton LLP is serving as legal advisor to flyExclusive, Willkie Farr & Gallagher LLP is serving as legal advisor to EG Acquisition Corp., Kirkland & Ellis LLP is serving as legal counsel to BTIG LLC, and Vinson & Elkins is serving as legal counsel to the Noteholders.