Private-Jet Operators Prowl for Deal of Up to $1.5 Billion

The owners of Flexjet, the second-largest provider of private-jet flights, have raised funds to purchase an aviation company valued at as much as $1.5 billion, planning to complete the deal in six months.

Kenn Ricci, co-owner of Directional Aviation Capital, which controls Flexjet, and Steve Rosen, co-founder of private equity firm Resilience Capital Partners, will serve as joint chief executive officers of a special purpose acquisition company hunting for acquisitions.

The SPAC they control, Zanite Acquisition Corp., raised $200 million in a public offering, according to a securities filing Tuesday. SPACs, also known as blank-check companies, raise ...