Bombardier sells Flexjet unit; new owner places $1.8-billion order Bombardier Inc. is selling its Flexjet fractional jet ownership division to a private investor group in a deal that includes the sale to the buyer of 85 business aircraft valued at $1.8-billion (U.S.). Including options to buy an additional 160 jets, the total value of the business-aircraft transaction could rise to $5.2-billion. Montreal-based Bombardier said on Thursday it has reached a definitive agreement for the sale of Flexjet to Flexjet LLC, a new company funded by a group led by Richmond Heights, Ohio-based Directional Aviation Capital. Proceeds of the sale are $185-million. The deal is subject to the usual regulatory and governmental approvals and set to close before the end of the year. The firm deal for the 85 business jets includes 25 Learjet 75s, 30 Learjet 85s, 20 Challenger 350s and 10 Challenger 605 jets. Flexjet, the world's second largest fractional jet ownership company, caters to fliers sharing in the ownership of a business jet. Launched 18 years ago, it also provides charter brokerage services and offers jet cards for the purchase of flight time. Demand for fractional ownership has bounced back strongly from the negative impact of the global recession. Richardson, Tex.-based Flexjet reported a 96 per cent year-over-year increase of new fractional and jet card sales in the January-to-June-2013 period, the company said in a news release Thursday. Sales of new fractional shares increased 112 per cent and new jet card sales grew 68 per cent in the first half of this year, according to the company. "The sale of Flexjet's activities is a unique business opportunity that will allow Bombardier to focus on its core business areas," Bombardier president and chief executive officer Pierre Beaudoin said in a separate news release. Bombardier spokeswoman Isabelle Rondeau said in an interview that Flexjet is profitable and that Bombardier was not actively seeking a buyer. "We were approached by the group," she said. "Flexjet is an extremely well-run, profitable business known for its unmatched focus on owner experience and operational excellence," Direction Aviation principal Kenn Ricci said. Our vision for Flexjet is of a luxury brand with a young fleet, the latest technology, custom interiors and continued industry-defining service. Flexjet will continue to be run as independent brand, with current president Deanna White continuing to lead the company. Ms. Rondeau of Bombardier said she didn't know if Flexjet's new owner will continue Flexjet's policy of using only Bombardier business jets.