One of the UK’s largest private jet charter companies is closing in on its first external investment with a $250m (£192.7m) deal involving the former owner of Hunter Boot.
Sky News has learnt that AirX, which was founded by John Matthews, its chief executive, in 2011, is finalising an agreement with Searchlight Capital Partners to sell roughly 25% of the company.
AirX has become the second-largest business of its kind in Europe, competing with the likes of NetJets and VistaJet.
It is understood to be planning to grow its fleet to 110 aircraft within five years, capitalising on growing demand for private aviation from the super-rich.
Read more from business:
Housing market demand surges
Ted Baker shops shut for good amid
Housebuilders push ahead with merger
Based in Malta, AirX employs about 400 people.
The company owns its aircraft, unlike many of its competitors.
Mr Matthews has grown the business from its inception, taking it to about £150m in annual sales and approaching £30m in earnings before interest, tax, depreciation and amortisation.
He is thought to own about 70% of AirX.
One private equity source said on Monday that Mr Matthews had been holding talks with potential private equity backers for some time.
AirX refused to comment, while Searchlight could not be reached for comment.