Global Jet Capital was incorporated in August of 2014, making 2024 our 10th Anniversary year. To commemorate this occasion, we thought it would be interesting to remember and reflect on the top business aviation stories – and a few others – of the last decade.
Strengthening the ultra-long range business jet category, Dassault launches the Falcon 8X and Gulfstream introduces the G650ER. The Cessna and Beechcraft brands merge under the new Textron Aviation umbrella. Globally, the Ebola epidemic becomes a health crisis as "Occupy Central" protests grip Hong Kong. Global Jet Capital is incorporated in August, opening offices in Boca Raton, FL.
Both the HondaJet and the Citation Latitude receive FAA certification. The Paris Agreement on Climate Change (COP21) is adopted and in sporting news, officials of the International Federation of Association Football (FIFA) are arrested on corruption charges. Global Jet Capital announces the acquisition of GE Capital’s business aircraft portfolio – the largest ever portfolio acquisition, made possible with the largest credit facility in the history of business aviation.
Donald J. Trump is elected as the 45th President of the United States, while the United Kingdom votes to leave the European Union, and the Chicago Cubs win the world series for the first time in 108 years. Against this backdrop, Textron Aviation celebrates the delivery of the 7,000th Cessna Citation jet. Global Jet Capital strengthens its leadership core with the appointments of industry veterans Shawn Vick as CEO and Dave Labrozzi as COO.
Bombardier stakes its position as a stand-alone business aviation player by selling a majority position in the C-Series program to Airbus. In Saudi Arabia, Mohammad Bin Salman is appointed Crown Prince and launches Vision 2030. Global Jet Capital launches a dedicated Asset Management team, enhancing the company’s technical knowledge and supporting the efficient return of end-of-lease aircraft.
The FAA “reauthorization” bill is signed into law, Dassault announces the development of the Falcon 6X and VistaJet acquires XO Jet. Alabama wins the college football championship, France wins the World Cup, and Shohei Ohtani is Major League Baseball’s Rookie of the Year. Global Jet Capital completes its first asset backed securitization (ABS) for $608M and its second a few months later for $674M – positioning the business as a systematic ABS issuer.
The 850-year-old Notre Dame Cathedral in Paris suffers catastrophic fire damage and a new “security” law grips Hong Kong. Gulfstream introduces the G700 to compete against the Bombardier Global 7500. Flexjet places a $1.4 billion order with Embraer for Praetor and Phenom business jets. Global Jet Capital expands its international presence with offices in Zurich and Hong Kong.
In January NBA legend Kobe Bryant dies in a helicopter accident. Two months later, the World Health Organization declares COVID-19 a global pandemic – and the world hits the “pause” button. New users are drawn to business aviation due to health-related concerns and disruptions to commercial airline service. Despite uncertainty in the financial markets, Global Jet Capital stands strong, with outstanding portfolio performance that underpins an oversubscribed ABS issuance in October 2020 – the first aviation ABS issuance post-pandemic.
Joe Biden is inaugurated as the 46th President of the United States, and the Olympics take place in Tokyo with no fans in attendance due to continuing COVID-19 related shutdowns. Business aircraft manufacturers introduce new models including the Dassault Falcon 10X, the Gulfstream G400 and G800, and the Bombardier 3500. Global Jet Capital announces the appointment of Vivek Kaushal as CEO and Shawn Vick as Chairman.
Russia invades Ukraine in an escalation of the Russo-Ukrainian War that started in 2014. The final Learjet, a Learjet 75, rolls off the production line in March marking the end of an era. Business aircraft flight operations hit a high point driven by demand from both new and long-time users. Global Jet Capital enjoys another banner year, providing financial solutions to a wide range of customers around the world and completing its sixth ABS issuance, for a total of $3.6B in debt raised since the program’s inception in 2018.
The year of Taylor Swift breaking records and dominating the headlines begins with Global Jet Capital announcing it has surpassed $3.5 billion in aircraft financing since inception. Later in the year, Textron Aviation and NetJets sign a record-breaking fleet agreement for up to 1,500 Cessna Citation jets. 2023 ends with the business aviation industry well positioned for 2024 with flight activity, for sale inventory, and OEM order books and backlogs all in strong positions.