Kenneth Ricci, one of the biggest investors in the business aviation industry, appears to be turning his attention towards urban air mobility. This week, the Directional Aviation Capital principal and Steven Rosen, who is co-CEO with Ricci of Resilience Capital Partners, announced the launch of Zanite Acquisition and indicated that it will seek out investments in aviation, aerospace, defense, urban air mobility, and emerging technologies.
U.S.-based Zanite is a special acquisition company (SPAC) that started trading on the Nasdaq Capital Market on November 17. Its initial public offering is priced at $200 million. The SPAC was formed for the purpose of “effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.” Zanite is offering 20 million units at $10 per one share of Class A common stock and one-half of one redeemable warrant.
Ricci has built one of the largest business aviation entities worldwide through the acquisitions of companies such as Flexjet and Sentient Jet with a reach into executive charter, fractional ownership, maintenance, repair, and overhaul, as well as private jet brokerage, among other interests. Rosen, meanwhile, co-founded Resilience Capital Partners in 2001 after managing a number of transactions at Merrill Lynch. The firm has specialized in investments of companies with revenues between $25 million and $250 million in a range of industries, including aviation and aerospace.