Kenneth C. "Kenn" Ricci is an American aviation entrepreneur, the principal of Directional Aviation Capital, which owns or invests in various aviation enterprises including Flight Options and Flexjet , where he is chairman. He is an operating partner at Resilience Capital Partners , a private equity firm with a variety of portfolio companies, including an investment in Flight Options, and has helped found or lead other companies, including Nextant Aerospace and Constant Aviation.
41-463: In 1981, Ricci began his entrepreneurial career by founding Corporate Wings, an aircraft management and charter operation company providing charter flight service. The company grew rapidly, with annual revenues increasing from $ 300,000 to approximately $ 3.4 million between 1981 and 1985. The firm was named to the Inc. 500 list of America's fastest-growing companies. Over time, Ricci expanded Corporate Wings into
82-1147: A rebranding , changing its name from The Gas Company to Hawai'i Gas, to reflect its position on changing Hawaii's energy future. International-Matex Tank Terminals ( IMTT ), founded in 1939 and based in New Orleans, Louisiana , is the owner of the largest bulk storage terminal businesses in the United States. It stores and handles petroleum products, vegetable and tropical oils, renewable fuels, and various chemicals. The company also provides support services, such as design, procurement, and construction management of retrofit and grassroots facilities in petrochemical and chemical storage facilities; inventory management; tank leasing; packaging; and heating, blending, and product services. In addition, IMTT offers intra-company rail service flexible blending and transfer, customer waterfront, economical heating, petroleum reserve , and drum filling services. Macquarie Infrastructure Group purchased 50 percent stake in 2006, and assumed full ownership in 2014. Nextant Aerospace Nextant Aerospace
123-596: A 1,000 nmi (1,900 km) range at full fuel with a single pilot and three passengers, 100 nmi (190 km) less for each additional passenger: below single-engine turboprops, like the Socata TBM and the Pilatus PC-12 , but with a FL220 single engine altitude. The pre-production model max cruise is 263 kn (487 km/h) while burning 616 lb (279 kg)/hr at FL240, ISA+2 °C and 9,000 lb (4,100 kg), lowering to 317 lb (144 kg)/hr at
164-496: A 199 kn (369 km/h) long-range cruise. The Bombardier Challenger 604 –based 604XT was launched in 2017 with a Rockwell Collins ProLine Fusion flightdeck up from a ProLine 4. In October 2018, 100 flight test hours were logged, for certification and introduction planned for the fourth quarter. The second phase introduces a redesigned cabin and a wing extension boosting its range by up to 500nmi, for an 18- to 24-month certification timeframe. By November, Nextant had secured
205-736: A Philanthropic Succession Partnership, a giving mechanism he pioneered. He also has made other donations to Notre Dame, including a $ 5 million gift in 2016 to create an outdoor home for the Band of the Fighting Irish. Ricci has contributed funds to fight cystic fibrosis, including $ 2 million to establish the Austin Ricci Chair in Pediatric Pulmonary Care and Research at UH Rainbow Babies & Children's Hospital in Cleveland. Ricci has received
246-524: A baseline, $ 4.5 million 400XTe version to be delivered from 2019 for charter and utility operators, with a three-screen rather than a four-screen layout flight deck and without the VIP interior of the $ 5.4 million XTi, but an optional high-density seating for up to nine passengers. In 2017, Textron Aviation delivered first Hawker 400XPR, a factory-engineered and supported upgrade to 400XP which competes with Nextant 400XT . Nextant's aircraft remanufacturing program
287-529: A diversified service-oriented transportation firm that provided other aviation support services, including aircraft maintenance, fueling and storage, and other aspects of aircraft operations. In 2005, Corporate Wings acquired a stake in Mercury Air Centers, a company operating aircraft support facilities at airports around the U.S. As chief executive officer, Ricci realigned its operating divisions, deployed $ 245 million of invested capital and eventually sold
328-682: A number of awards, including an Ernst & Young Entrepreneur of the Year award and four NEO Success Awards for business growth. was named one of the most influential people in aviation by Aviation International News . In 2010, Ricci received the Harvard Business School's Dively Entrepreneurship Award. In 2012, he was the recipient of the William A. Ong Memorial Award from the National Air Transportation Association. and Nextant
369-706: A publicly listed company, with Ricci serving as chairman. In April 2023, Flexjet announced the deal would be terminated. In June 2012 Directional acquired Sentient Jet. In October 2017, Sentient introduced its first jet card with guaranteed WiFi. In April 2018, Sentient Jet relaunched its website and at the same time projected $ 300 million in jet card sales for 2018. It said Q1 was its best quarter in more than 10 years in both sales and hours flown. In September 2018, Directional Aviation announced it had acquired charter broker PrivateFly and would house it within OneSky LLC, which includes Flexjet, SentientJet, and Skyjet. The company said
410-641: A result of the conversion of the Company from a Delaware limited liability company to a Delaware corporation. On July 21, 2022, Macquarie Infrastructure Holdings, LLC (“MIC”) announced that it completed its previously disclosed merger with an affiliate of Argo Infrastructure Partners, LP and the units of the Company were delisted from the New York Stock Exchange. MIC completed sales of its International-Matex Tank Terminals business in 2020 and its Atlantic Aviation business in 2021. In 2025, Atlantic Aviation
451-510: A subsidiary of Raytheon Company, doubling the company's size. Ricci left the company in 2003, but then re-purchased a stake in Flight Options in April 2008 and rejoined the company as chairman that summer. In March 2009, Directional Aviation Capital, an investment firm led by Ricci, and private equity firm Resilience Capital Partners, acquired an interest in Flight Options. Like other companies in
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#1732851203510492-493: Is a United States–based company specializing in the remanufacturing of business jets. Founded in 2007, Nextant is the first company to introduce the concept of aircraft remanufacturing to the business jet market. The company's first product is the Nextant 400XT, a modified and modernized Beechjet 400A/XP that sells for approximately one-half the price of competing models with comparable features and specifications. The 400XT
533-689: Is a member of the Board of Trustees for the University of Notre Dame ; a member of the boards of University Hospitals, the Smithsonian, and several corporations; and the aviation advisor to the Guggenheim Aero Opportunity Fund. He is a member of the Young Presidents' Organization. In 2017, Ricci donated $ 100 million to Notre Dame, the largest unrestricted gift in the university's history, using
574-492: Is a remanufactured Beech King Air with its PT6 A-135s replaced by single lever Czech GE H75s , a Garmin G1000 cockpit and a new cabin. Improved metals and 3D aero compressor enable a direct climb over FL250 and 275 to 280 kn (509 to 519 km/h) cruise, up to 17 kn (31 km/h) faster than a C90GT, while having 10% better fuel burn, 10% longer overhaul interval, and lower maintenance costs. It has
615-414: Is distinguished from ones focused on the refurbishment or replacement of engines or other components by a factory-based, standardized process designed for serialized production. The 6,000 man-hour remanufacturing process takes all life-limited components to zero-time status, either through replacement or overhaul, resulting in a plane that is 88 percent new. The airframe itself, which is not life-limited,
656-426: Is equipped with 3,050-pound-thrust Williams FJ44-3AP Full Authority Digital Engine Controls (FADEC) turbofan engines and a Rockwell Collins Pro Line 21™ integrated avionics suite. It also has multiple aerodynamic and airframe enhancements including a streamlined, conically lofted engine cowling along with a newly designed engine beam and mounting system that
697-518: Is set to enhance its rewards program, building on the success of its Atlantic Awards initiative. For over 20 years, the Atlantic Awards program has been a key feature in business aviation, providing benefits to over 25,000 active participants. The upcoming changes for 2025 promise additional customer benefits, aimed at further rewarding frequent users of Atlantic Aviation's services. The program has long been recognized for offering incentives tailored to
738-495: Is significantly stronger when compared to the original installation. The aircraft offers options such as several alternative seating configurations, a Rockwell Collins Venue cabin management system, entertainment equipment, LED lighting and Internet and satellite phone access. The aircraft has a 460 knot (850 kilometers per hour) cruising speed and a National Business Aviation Association (NBAA) IFR range of 2,005 nautical miles (3,713 kilometers) with four passengers. Compared to
779-741: Is the only significant remaining part., Consequently, the 400XT is considered to be a new type in the Aircraft Bluebook. As a result of the remanufacturing process, Nextant offers buyers of the 400XT a two-year whole aircraft warranty, pilot training with a uniform training curriculum and Level D full-flight simulator and a service network that includes nine centers in the U.S. and a tenth facility in Milan Linate, Italy. The 400XT can cruise at Mach 0.75-0.78 at FL430-450, pilots are comfortable flying it nearly five hours and typical missions are three hours. It burns 1,200 lb (540 kg) of fuel
820-577: The Embraer Phenom 300 with similar range but a longer cabin and a more maintenance friendly design, commanding $ 7 to $ 8.5 million second hand; the smaller cabin cross-sections Cessna CitationJet : 10-year-old CJ3s are just over $ 4 million but are slower, CJ4 aircraft go for $ 6.7 million for 2010 models to more than $ 9 million for 2014 models; or the Learjet 40 XR but its weight, runway performance and fuel consumption are worse. The $ 2.8 million Nextant G90XT
861-909: The AvPorts division was merged into the Atlantic division. On January 1, 2007, Macquarie Infrastructure Company Trust was succeeded by Macquarie Infrastructure Company LLC. On January 1, 2009, AvPorts was sold to Aviation Facilities Company, Inc. (AFCO). On January 28, 2010, Macquarie Infrastructure Corporation announced that its airport parking business, Parking Corporation of America Airports (PCAA), had entered into an asset purchase agreement with Bainbridge ZKS - Corinthian Holdings, LLC. The company had earlier filed for Chapter 11 Bankruptcy . On May 21, 2015, membership interests in Macquarie Infrastructure Company LLC were exchanged, one for one, for shares of Macquarie Infrastructure Corporation as
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#1732851203510902-640: The Beechcraft 400A, the upgrade increases range by 50 percent, improves fuel efficiency by 32 percent, reduces climb times by one-third and reduces operating costs by 29 percent. Noise compliance exceeds Stage IV requirements. The 400XT made its first test flight in March 2010. Receipt of final certification from the Federal Aviation Administration (FAA) was announced in October 2011. Deliveries of
943-529: The Embraer Phenom 300 and Legacy 450. It also placed orders for up to 50 long-range aircraft from Gulfstream. In total, Flexjet has confirmed orders for 207 new planes with options that could total up to 445 aircraft. Also during 2014, Flexjet prepared to exit the charter market. As part of the first consolidation of its aviation companies, Directional Aviation combined the charter brokerage operations of its Flexjet, Flight Options and Sentient Jet companies under
984-507: The Eve electric vertical take-off and landing vehicle. At the time of the announcement Ricci explained Zanite choose to align with Eve because of its simplistic design, Embraer’s track record of bringing new aircraft through certification to market, an already installed global support network and a presence in markets outside the U.S., that are positioned to be early adopters for urban air mobility UAM. In May 2022, Eve Air Mobility (EVEX) went public on
1025-501: The New York Stock Exchange following the company's merger with Zanite Acquisition Corp and has more than 2,000 orders for its aircraft from operators around the world. Ricci is an alumnus of the University of Notre Dame and the Cleveland–Marshall College of Law . He is a certified pilot for Gulfstream , Falcon and Citation jets. He was the personal pilot of Bill Clinton during his first campaign for US president. Ricci
1066-427: The Nextant 400XT began that same month, with initial deliveries of a 40-aircraft, $ 150 million order to private aviation company Flight Options LLC. An upgraded version of the aircraft, the Nextant 400XTi, was introduced in 2014. It now competes with an official modification called Hawker 400XPR, produced by Textron in collaboration with Sierra Industries . At the October 2018 NBAA convention, Nextant introduced
1107-538: The Skyjet brand name, which it had acquired from Bombardier as part of the Flexjet transaction. Skyjet would concentrate solely on charter services, with other divisions continuing to offer fractional and membership programs. In November 2015, Flexjet announced that it had placed an order valued at $ 2.4 billion for 20 Aerion AS2 supersonic jets, with delivery to begin in 2023. In June 2017, Flexjet announced based on strong sales it
1148-509: The U.S., a gas production and distribution business, and a controlling interest in two district energy businesses. The company is headquartered in New York City . MIC is managed by Macquarie Infrastructure Management (USA) Inc. (MIMUSA), which is also one of MIC's largest shareholders. MIMUSA is a member of Sydney -based Macquarie Group Limited. The company took its name from Macquarie Bank, which took its name from Lachlan Macquarie , who
1189-567: The US STC for the avionics upgrade, before an early December first delivery. Of the over 300 Challenger 604s, 25 installations were pre-sold. The redesigned cabin and aerodynamic enhancements to increase range by 500nmi (925 km) to over 4,500nmi will follow. As of October 29, 2019, Constant Aviation has delivered 23 Production 604XT's with the Nextant Next Gen Flight Deck. Constant Aviation expects to have completed 30 deliveries by
1230-709: The acquisition furthers its global reach and technology-driven approach to selling private jet charter flights. In July 2020, Ricci announced FXAIR as a new upmarket private jet charter brand. The broker will utilize 17 Bombardier aircraft coming off fractional contracts. They will be operated by Flexjet and flown by Flexjet pilots. Ricci also has founded or been involved with the management of several other companies, including Nextant Aerospace , which he serves as chief executive officer. In 2021, Ricci oversaw Directional’s acquisition of two helicopter travel providers: U.K.-based Halo Aviation and U.S.-based Associated Aircraft Group, and by mid-2022, positioned those entities to serve as
1271-508: The company to the Macquarie Infrastructure Trust in 2007. The deal was valued at $ 615 million. Ricci founded Flight Options in 1998 in an effort to develop a nationwide fractional jet services ownership program. Flight Options enjoyed significant early success, with its annual revenues growing from $ 35 million to $ 300 million in 17 months of operations. In December 2001, the company combined operations with Raytheon Travel Air,
Kenn Ricci - Misplaced Pages Continue
1312-406: The end of 2019 with significant backlog into 2020. Challenger 604 operators are seeing the advantage of improved low visibility operations and advanced features in the 604XT Flight Deck, such as integrated SXM Weather and the advanced Multiscan Weather Radar. Nextant was founded in 2007 by aviation entrepreneur Kenneth C. “Kenn” Ricci , who serves as the company's chief executive officer. Ricci also
1353-498: The first hour, dropping to 850–900 lb (390–410 kg) for the second at high speed, 750–875 lb (340–397 kg)/hr at Mach 0.73. Basic operating weights range from 11,000 to 11,100 lb (5,000 to 5,000 kg), full tanks payload is less than 500–600 lb (230–270 kg) but the average passengers are three, it can fly six passengers more than 1,500 nmi (2,800 km). In October 2013, Travel Management Co. announced it would convert all its 50 jets, boosting
1394-445: The foundation for a Flexjet helicopter division. Ricci also created Zanite Acquisition Corporation, a special purpose acquisition company to raise capital via public markets to invest in companies focused on urban air mobility, and emerging aviation technology. By December 2021, it was announced that Zanite’s acquisition partner would be Eve Air Mobility, a subsidiary of Brazilian aerospace manufacturer Embraer working to bring to market
1435-535: The needs of business aviation customers, and the enhancements aim to continue this legacy of customer appreciation. MIC Hawaii (formerly Hawaii Gas) is a wholly owned subsidiary of Macquarie Infrastructure Corporation, founded in 1904. It is the sole franchised gas utility provider in the state of Hawaii . The company provides synthetic natural gas, and propane, and is working on providing Liquid Natural Gas (LNG) to 70,000 customers in Hawaii. The company recently underwent
1476-458: The order book to more than 100. By the end of 2014, Nextant had completed 50 aircraft and nearly 30 of 40 on order had been returned to Flight Options . Customers are achieving 95.8% dispatch reliability. The first reconditioned aircraft sold for $ 4.2 million and 2013 400XTi aircraft sold for just under $ 5 million, commanding in 2014 between $ 3.2 million and $ 4.2 million second hand (80 to 84% resale value). In 2014 its closest competitors used were
1517-636: The private jet market, Flight Options saw its business diminish during the recession of 2008. However, the firm has subsequently recovered. In September 2013, Ricci announced that Directional Aviation would acquire Flexjet , a provider of fractional, jet card and charter services, from Bombardier Aerospace , for $ 185 million. Ricci also announced substantial investments in Flexjet's fleet during 2013, placing orders with Bombardier that, with options, could total $ 5.6 billion in new aircraft. In 2014, Flexjet further expanded its fleet, moving beyond its former exclusive commitment to Bombardier-manufactured planes to add
1558-479: Was Governor of New South Wales . One of his achievements includes the establishment of Australia's first bank and introduction of its first domestic coinage in 1813, the Holey dollar . Macquarie's logo is a stylized version of Holey dollar coin. On December 16, 2004 the company went public as Macquarie Infrastructure Company Trust: it sold 26 million shares at $ 25 a piece and collected $ 665 million. On January 11, 2006,
1599-547: Was also inducted into the Cleveland-Marshall College of Law Hall of Fame. Macquarie Infrastructure Company Macquarie Infrastructure Corporation ( MIC ) owns, operates and invests in a diversified group of infrastructure businesses. Macquarie Infrastructure Corporation's business consists of the largest network of fixed-base operations in the United States , the largest bulk storage terminal business in
1640-426: Was hiring pilots for the first time since 2015. In 2017, Flexjet received the first of its Gulfstream G650 business jets, which can travel 15 hours non-stop, giving it intercontinental range. Flexjet agreed in October 2022 to merge with Horizon Acquisition Corporation II (NYSE: HZON), a publicly traded special-purpose acquisition company (SPAC) led by Todd Boehly . The proposed merger would result in Flexjet becoming
1681-584: Was selected as Aviation Week ' s 2015 winner of the Laureate for Business Aviation for introducing new technology to business aviation. In 2017, Ricci was named a recipient of the Living Legends of Aviation Lifetime Aviation Entrepreneur Award. In 2019, Ricci was formally inducted into the Living Legends of Aviation. Ricci was named to Town & Country magazine's Top 50 Philanthropists list for 2018, and