{{Short description|American businessman}} '''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,<ref name="resiliencecapital.com">{{Cite web |url=http://www.resiliencecapital.com/team/Kenn-Ricci/index.php |title=Kenn Ricci - Meet Our Team - Resilience Capital Partners |access-date=2012-02-09 |archive-url=https://archive.today/20130201100752/http://www.resiliencecapital.com/team/Kenn-Ricci/index.php |archive-date=2013-02-01 |url-status=dead }}</ref> a private equity firm with a variety of portfolio companies, including an investment in Flight Options,<ref>{{cite web|url=http://www.flightoptions.com/|title=Fractional Private Jet Ownership - Jet Leasing - JetPASS Jet Card - Flight Options LLC|website=Flightoptions.com|access-date=26 August 2018}}</ref> and has helped found or lead other companies, including Nextant Aerospace and Constant Aviation.
== Corporate Wings == In 1981, Ricci began his entrepreneurial career by buying Corporate Wings, an aircraft management and charter operation company providing charter flight service, for $27,500 using a bank loan. The company grew rapidly, with annual revenues increasing from $300,000 to approximately $3.4 million between 1981 and 1985.<ref>{{cite web|url=http://www.inc.com/magazine/19881001/6008.html|title=To Have and to Hold, Cost Controls Article|date=1 October 1988|website=Inc.com|access-date=26 August 2018}}</ref> The firm was named to the Inc. 500 list of America's fastest-growing companies.<ref>{{cite web|url=http://www.inc.com/inc5000/profile/corporate-wings|title=Corporate Wings: Number 124 on the 1988 Inc. 5000|website=Inc.com|access-date=26 August 2018}}</ref>
Over time, Ricci expanded Corporate Wings into a diversified service-oriented transportation firm that provided other aviation support services, including aircraft maintenance, fueling and storage, and other aspects of aircraft operations.<ref name="auto">{{Cite web|url=http://www.sbnonline.com/2002/07/flying-high-how-do-you-turn-a-30-million-company-into-a-300-million-company-in-17-months-ask-flight-options-ceo-ken-ricci-in-1999-his-fractional-jet-ownership-company-hit-the-stratosphere/|archive-url=https://archive.today/20120909203643/http://www.sbnonline.com/2002/07/flying-high-how-do-you-turn-a-30-million-company-into-a-300-million-company-in-17-months-ask-flight-options-ceo-ken-ricci-in-1999-his-fractional-jet-ownership-company-hit-the-stratosphere/|url-status=dead|archive-date=2012-09-09|title = Flying high | Smart Business}}</ref>
In 2005, Corporate Wings acquired a stake in Mercury Air Centers, a company operating aircraft support facilities at airports around the U.S.<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=794037|archive-url=https://archive.today/20120709101846/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=794037|url-status=dead|archive-date=July 9, 2012|title=Terms of Service Violation|website=investing.businessweek.com|access-date=26 August 2018}}</ref> As chief executive officer, Ricci realigned its operating divisions, deployed $245 million of invested capital and eventually sold the company to the Macquarie Infrastructure Trust in 2007. The deal was valued at $615 million.<ref name="directionalaviation.com">{{cite web|url=http://www.directionalaviation.com/principal/kenneth-ricci.html|title=Kenneth C. Ricci - Directional Aviation|website=Directionalaviation.com|access-date=26 August 2018|archive-date=21 January 2012|archive-url=https://web.archive.org/web/20120121010654/http://www.directionalaviation.com/principal/kenneth-ricci.html|url-status=dead}}</ref>
== Flight Options == Ricci founded Flight Options in {{Start date and age|1998|p=y}} 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.<ref name="auto"/> In December 2001, the company combined operations with Raytheon Travel Air, a subsidiary of Raytheon Company, doubling the company's size.
Ricci left the company in 2003,<ref>{{cite web|url=http://www.avweb.com/avwebbiz/news/182859-1.html|title=Flight Options Appoints New Chief Executive Officer - AVweb flash Article|website=Avweb.com|date=19 February 2003|access-date=26 August 2018}}</ref> but then re-purchased a stake in Flight Options<ref>{{cite web|url=http://crainscleveland.com/apps/pbcs.dll/article?AID=/20080811/FREE/645774703/0/TECH&template=printart|title=Crain's Cleveland Business|website=crainscleveland.com|date=11 August 2008|access-date=26 August 2018}}</ref> in April 2008 and rejoined the company as chairman that summer.<ref>{{Cite web |url=http://www.bjtonline.com/business-jet-news/kenn-ricci-back-flight-options |title=Kenn Ricci Back at Flight Options | Business Jet Traveler |access-date=2012-02-09 |archive-url=https://web.archive.org/web/20151208121346/http://bjtonline.com/business-jet-news/kenn-ricci-back-flight-options |archive-date=2015-12-08 |url-status=dead }}</ref> 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.{{citation needed|date=October 2022|reason=previously cited source was unreliable or copyvio}}
Like other companies in the private jet market, Flight Options saw its business diminish during the recession of 2008. However, the firm has subsequently recovered.<ref>{{Cite web |url=http://www.aviationweek.com/aw/blogs/business_aviation/index.jsp?plckController=Blog&plckScript=blogScript&plckElementId=blogDest&plckBlogPage=BlogViewPost&plckPostId=Blog%3A2f16318d-d960-4e49-bc9f-86f1805f2c7fPost%3A50dd567c-a9b2-443c-98df-ca245978fcb6] |title=Archived copy |access-date=2012-02-09 |archive-url=https://web.archive.org/web/20100321164657/http://www.aviationweek.com/aw/blogs/business_aviation/index.jsp?plckController=Blog |archive-date=2010-03-21 |url-status=dead }}</ref>
==Flexjet== In September 2013, Ricci announced that Directional Aviation would acquire Flexjet, a provider of fractional, jet card and charter services, from Bombardier Aerospace,<ref name="bom">[http://www.flexjet.com/news-and-events/press-releases/216/ Flexjet and Qatar Airways Launch Marketing Alliance] Flexjet News Release, May 14, 2012</ref> for $185 million.<ref name="cash">[https://www.wsj.com/news/articles/SB10001424127887324577304579056881152081444?mg=reno64-wsj Bombardier Bails out of its Flexjet Business] by Jon Ostrower and Karen Johnson, ''The Wall Street Journal'', September 5, 2013.</ref>
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.<ref name= "bill">[http://www.flyingmag.com/aircraft/jets/got-learjets-flexjet-buys-dozens-more Got Lear Jets? Flexjet Buys Dozens More.] by Stephen Pope, ''Flying'', October 22, 2013</ref><ref name="llion">[http://www.flyingmag.com/aircraft/jets/flexjet-changes-ownership-places-record-breaking-order Flexjet Changes Ownership, Places Record Breaking Order] by Pia Berggvist, ''Flying'', September 6, 2013.</ref> In 2014, Flexjet further expanded its fleet, moving beyond its former exclusive commitment to Bombardier-manufactured planes to add the Embraer Phenom 300 and Legacy 450. It also placed orders for up to 50 long-range aircraft from Gulfstream.<ref name="gulf">[https://www.wsj.com/articles/gulfstream-confirms-new-business-jets-1413301230?tesla=y&mg=reno64-wsj Gulfstream Confirms New Business Jets: G500 and G600 Unveiled After Years of Secrecy Over Project] by Jon Ostrower, ''The Wall Street Journal'', October 14, 2014.</ref> 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 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.<ref name="prog">[http://awin.aviationweek.com/portals/awin/cmsfiles/media/pdf/ba_pdf/2014/06/bav_06_30_2014.pdf Directional Revives Skyjet Charter Brokerage] by Kerry Lynch, Aviation Week, June 30, 2014</ref>
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.<ref>{{cite web|title=Flexjet Order For 20 Supersonic Jets Boosts Aerion|url=http://aviationweek.com/business-aviation/flexjet-order-20-supersonic-jets-boosts-aerion|website=Aviation Week|access-date=18 November 2015|archive-date=20 November 2015|archive-url=https://archive.today/20151120112724/http://aviationweek.com/business-aviation/flexjet-order-20-supersonic-jets-boosts-aerion|url-status=dead}}</ref> In June 2017, Flexjet announced based on strong sales it 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.<ref>First Look: [https://www.forbes.com/sites/douggollan/2017/10/06/first-look-inside-flexjets-first-gulfstream-g650/#45a4bbb55009 Inside Flexjet's First Gulfstream G650]," by Doug Gollan, Forbes.com, October 6, 2017.</ref>
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 a publicly listed company, with Ricci serving as chairman.<ref>“[https://news.spacconference.com/2022/10/11/flexjet-and-horizon-acquisition-ii-combining-in-3-1b-deal/ Flexjet and Horizon Acquisition II Combining in $3.1B Deal],” DealFlow’s SPAC News, October 11, 2022</ref><ref>“[https://www.nhregister.com/business/article/todd-boehly-buys-flexjet-17501060.php Connecticut billionaire buys jet ownership, leasing company],” by Alexander Soule, The New Haven Register, October 11, 2022</ref> In April 2023, Flexjet announced the deal would be terminated.<ref name="Flexjet Terminates Deal">{{cite web |title=Flexjet terminates $3 billion deal with billionaire Todd Boehly's SPAC |url=https://www.reuters.com/business/aerospace-defense/flexjet-terminates-3-billion-deal-with-billionaire-todd-boehlys-spac-2023-04-11/ |website=Reuters |access-date=3 May 2023}}</ref>
== Sentient Jet, Skyjet and PrivateFly == 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 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.{{citation needed|date=November 2023}}
== Nextant Aerospace == Ricci also has founded or been involved with the management of several other companies, including Nextant Aerospace, which he serves as chief executive officer.<ref>{{cite news|url=https://www.economist.com/blogs/gulliver/2011/10/nextant-aerospace|title=The Economist, "Business Jets for an Austere Age," October 5, 2011|newspaper=The Economist|date=5 October 2011|access-date=26 August 2018}}</ref><ref name="turb">{{cite web|url=http://www.flyingmag.com/aircraft/turboprops/nextant-g90xt-completes-first-flight|title=Nextant G90XT Completes First Flight|website=Flyingmag.com|date=21 January 2015 |access-date=26 August 2018}}</ref>
== Helicopters and Urban Air Mobility == 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 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.<ref>[https://www.forbes.com/sites/douggollan/2020/10/09/directionals-kenn-ricci-launches-a-spac-targeting-next-generation-aviation-acquisitions/?sh=3103b99239c5 Directionals-Kenn Ricci Launches a SPAC Targeting Next Generation Aviation Acquisitions], Doug Gollan, Forbes.com, October 9, 2020.</ref> 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 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.<ref>[https://www.futureflight.aero/news-article/2021-12-21/eve-urban-air-mobility-set-go-public-through-merger-zanite-acquisition Eve Urban Air Mobility Set to go Public Through Merger With Zanite], Charles Alcock, FutureFlight, December 21, 2021.</ref>
In May 2022, Eve Air Mobility (EVEX) went public on 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.<ref>[https://news.yahoo.com/united-ordered-515-electric-supersonic-141757464.html United has ordered 515 electric and supersonic aircraft with the first carrying passengers as soon as 2024 — take a look at the carrier's fleet of the future], Taylor Raines, Yahoo Finance via Insider, September 16, 2022.</ref>
== Personal background == 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.<ref>{{Cite web |title=FAA Airman Registry |url=https://amsrvs.registry.faa.gov/airmeninquiry/Main.aspx}}</ref> He was the personal pilot of Bill Clinton during his first campaign for US president.<ref>{{cite web|url=http://video.forbes.com/fvn/business/bill-clinton-personal-pilot|archive-url=https://web.archive.org/web/20110219180245/http://video.forbes.com/fvn/business/bill-clinton-personal-pilot|url-status=dead|archive-date=February 19, 2011|title=Forbes Video|website=Video.forbes.com|access-date=26 August 2018}}</ref>
Ricci 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.<ref>[https://news.nd.edu/news/notre-dame-receives-first-of-its-kind-100-million-unrestricted-commitment-from-entrepreneur-kenn-ricci/ Notre Dame receives first-of-its-kind $100 million unrestricted commitment from entrepreneur Kenn Ricci], ND Newswire, accessed December 5, 2017.</ref> He is a member of the Young Presidents' Organization.<ref name="resiliencecapital.com"/><ref>{{cite web|url=http://www.uhhospitals.org/portals/6/docs/About_UH/Publications/Legacy_Archive/legacy_summer_2010.pdf|title=Legacy Magazine, "Solving the Cystic Fibrosis Conundrum," Summer 2010|website=Uhhospitals.org|access-date=26 August 2018|archive-url=https://web.archive.org/web/20101128213338/http://www.uhhospitals.org/Portals/6/docs/About_UH/Publications/Legacy_Archive/legacy_summer_2010.pdf|archive-date=2010-11-28|url-status=dead}}</ref><ref name="sb">{{cite web|url=http://news.nd.edu/news/66688-two-elected-to-board-of-trustees/|title=Two elected to Board of Trustees|first=Marketing Communications: Web // University of Notre|last=Dame|website=Notre Dame News|access-date=26 August 2018}}</ref>
In 2017, Ricci donated $100 million to Notre Dame, the largest unrestricted gift in the university's history, using 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.<ref>"[https://www.cnbc.com/2017/10/24/notre-dame-to-get-100-million-from-alumnus-kenneth-ricci.html Notre Dame to get $100 million from alumnus in biggest unrestricted gift ever for university]," by Liz Moyer, CNBC, October 24, 2017</ref><ref>"For [http://www.crainscleveland.com/article/20171026/blogs03/140111/kenn-ricci-university-notre-dame-gift-keeps-giving-%E2%80%94-and-vice-versa Kenn Ricci, the University of Notre is the gift that keeps on giving – and vice versa]," by Scott Suttell, Crain's Cleveland Business, October 26, 2017</ref> 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.<ref>"[https://bizmagazine.nd.edu/issues/2014/fall-2014/kenn-ricci-like-father-like-son/ Kenn Ricci: Like Father, Like Son]," by Sally Anne Flecker, Mendoza Business Magazine, Fall 2014</ref>
==Accolades== Ricci has received a number of awards, including an Ernst & Young Entrepreneur of the Year award<ref>{{cite web|url=http://www.aviationpros.com/news/10386572/corporate-wings-sells-air-services|title=Corporate Wings sells air services|website=Aviationpros.com|date=13 August 2007 |access-date=26 August 2018}}</ref> and four NEO Success Awards for business growth.<ref name="auto1">{{cite web|url=http://managementbytrust.com/author.html|title=Management by Trust|website=managementbytrust.com|access-date=26 August 2018}}</ref> was named one of the most influential people in aviation by ''Aviation International News''.<ref name="auto1"/> In 2010, Ricci received the Harvard Business School's Dively Entrepreneurship Award.<ref name="directionalaviation.com"/> In 2012, he was the recipient of the William A. Ong Memorial Award from the National Air Transportation Association.{{citation needed|date=October 2022|reason=previously cited source was unreliable or copyvio}} and Nextant was selected as ''Aviation Week''{{'}}s 2015 winner of the Laureate for Business Aviation for introducing new technology to business aviation.<ref name="laure">[http://aviationweek.com/business-aviation/business-aviation-laureate-nextant-aerospace-bizav-game-changer Business Aviation Laureate: Nextant Aerospace, BizAv Game Changer] Aviation Week & Space Technology, March 20, 2015.</ref>
In 2017, Ricci was named a recipient of the Living Legends of Aviation Lifetime Aviation Entrepreneur Award.{{citation needed|date=November 2023}} In 2019, Ricci was formally inducted into the Living Legends of Aviation.<ref>[https://www.crainscleveland.com/scott-suttell-blog/directional-aviation-principal-kenn-ricci-gains-elite-status Directional Aviation principal Kenn Ricci gains elite status], Scott Suttell, Crain's Cleveland Business, January 22, 2019</ref> Ricci was named to Town & Country magazine's Top 50 Philanthropists list for 2018,<ref>{{cite web|url=https://www.businesswire.com/news/home/20180509006355/en/Flexjet-Chairman-Kenn-Ricci-Town-Country-Magazine%E2%80%99s|title=Flexjet Chairman Kenn Ricci Among Town & Country Magazine's Top 50 Philanthropists|website=Businesswire.com|date=9 May 2018|access-date=26 August 2018}}</ref> and was also inducted into the Cleveland-Marshall College of Law Hall of Fame.<ref>[https://www.clevelandjewishnews.com/features/special_sections/legal_affairs/cleveland-marshall-welcomes-new-hall-of-fame-class/article_d02ba002-eda2-11e8-9398-bf4f146813a6.html Cleveland-Marshall welcomes new hall of fame class], Bexky Raspe, Cleveland Jewish News, November 21, 2018</ref>
==References== {{Reflist}}
==External links== * [http://www.flexjet.com/ Flexjet] * [http://www.flightoptions.com/ Flight Options] * [http://www.directionalaviation.com/ Directional Aviation Capital] * [http://www.nextantaerospace.com/ Nextant Aerospace]
{{DEFAULTSORT:Ricci, Kenn}} Category:American businesspeople Category:Living people Category:University of Notre Dame alumni Category:Cleveland State University College of Law alumni Category:University of Notre Dame Trustees Category:Year of birth missing (living people)