Big private jets used to be for billionaires who bought the whole plane. But a new group of wealthy individuals with $30 million or $40 million net worth are now buying flight hours instead. AirSprint, Canada's largest fractional jet operator, is betting that this shift will keep growing.
Over the next few years, AirSprint plans to acquire at least five large-cabin aircraft.
AirSprint's current lineup of 44 jets consists of light, midsize, and super-midsize models from manufacturers such as Embraer SA and Cessna, which is part of Textron Aviation Inc. The company owns none of the large-cabin models that can cross the Atlantic without refueling. CEO James Elian said "pretty much everything is on the table" for future routes, including Australia and New Zealand, but the immediate focus is on large-cabin aircraft.
AirSprint is looking at three manufacturers: Bombardier Inc., Dassault Aviation SA, and Gulfstream Aerospace Corp.
Get your free investing masterclass bonus when you join Market Briefs, our free daily newsletter
Fractional ownership means buying a share of a jet instead of the whole plane. This is analogous to a vacation home timeshare, but for private jets. Customers can request a flight with 24 hours notice.
AirSprint now has about 650 customers, up from roughly 250 in 2019. CEO James Elian explained, "I think people could always afford to fly private, but they didn't really give themselves permission to fly private."
The broader industry is also growing. Bombardier CEO Eric Martel forecasted that deliveries to private fleet operators will rise 68% by 2030. He said, "A billionaire might buy their own plane, but someone with a net worth of $30 million or $40 million might prefer to purchase flight hours from a fleet operator. That's a category that's booming."
Investors led by Onex Corp, together with Onex Partners LP and TriWest Capital Partners IV LP, are set to acquire AirSprint, with the acquisition slated to finalize in Q3. The company was founded in 2000 and is based in Calgary.
AirSprint's aggressive expansion comes as the company's market share has more than doubled since 2019, driven by a shift in private aviation demand. The investment from Onex and TriWest reflects confidence in AirSprint's ability to capture the growing number of high-net-worth individuals seeking fractional ownership. With the new large-cabin jets, AirSprint will be able to offer non-stop transatlantic flights, opening up routes to Europe and potentially beyond, such as Australia and New Zealand, as mentioned by Elian. This strategic move positions the company to compete more directly with larger fractional operators and to further solidify its leadership in the Canadian market.
As AirSprint adds large-cabin jets, it will test whether Canadian demand can support non-stop Europe flights. Elian stated that the expanding potential in Canada and AirSprint's upcoming large-cabin jets were key factors that attracted investment from Onex, TriWest, and other partners.
Subscribe to Market Briefs, our free daily newsletter, and claim your bonus investing masterclass
