
NetJets Buys Marquis Jet
The acquisition of Marquis Jet Partners was part of NetJets 10-year plan.
Fractional industry market leader NetJets has purchased jet card provider Marquis Jet Partners, which sells 25-hour jet cards offering flight time on NetJets airplanes. Card buyers purchase a "pre-paid sub-lease of a specific aircraft," according to Marquis, which owns 65 airplanes in the NetJets fleet. Marquis founder Kenny Dichter is now vice chairman of NetJets and reports to NetJets chairman and CEO David Sokol (in photo).
The purchase comes as somewhat of a surprise, since Sokol said in a Bloomberg Television interview last summer that Marquis Jet was the "only weak spot out there" and added that "they're shrinking substantially." Today, however, Marquis Jet and NetJets year-over-year sales are up 6 and 8 percent, respectively, according to the Columbus, Ohio-based NetJets. "This [acquisition] allows us to use the card and our fractional-share program to customize products for owners," Sokol said. "It gives us pricing flexibility by controlling both."