Atlanta private jet company Volato considers moving headquarters to new state

Atlanta private jet company Volato considers moving headquarters to new state (Courtesy of the Jacksonville Business Journal) — Atlanta-based private jet company Volato is looking at other states to build a corporate headquarters — with the First Coast a strong contender.

Volato has a strong presence in St. Augustine and Houston, both of which would be natural choices for an expansion, CEO Matt Liotta said.

Other existing locations besides Atlanta include Baltimore, San Diego and Fort Lauderdale, Florida. Most of the company’s employees live in Florida and Texas, while less than 5% live in Atlanta, Liotta estimates.

In preparation of future growth, Liotta said he sees Jacksonville as a potential recruitment hub for pilots and mechanics because it’s a top location for retiring U.S. Navy personnel. The company now employs about 100 pilots – approximately 25% of whom are military veterans – with an expectation of continuing to hire more, he said.

“There are lot of things we could do, and we’re exploring all those options,” Liotta said. “At the end of the day, what we want to do is choose wisely about where is going to be the best location for the company long term.”

Office employees at fast-growing Volato usually work remotely and occasionally gather at a co-working hub near DeKalb-Peachtree Airport. Liotta hopes to create a central spot for its 255 workers with office and hangar space at an airport geared toward private jets.

“We don’t have anything close to the traditional office setup,” said Liotta, who founded the company in January 2021. “We have grown immensely. While I think there are a lot of proponents for a remote-first work environment, there are also significant advantages to having a true headquarters – a place to call home where people can come and collaborate.”

Florida and Texas are rising to the top of the list for a potential headquarters relocation, though Volato is open to other states, Liotta said. It would be difficult to accommodate the company’s needs for headquarters space at PDK because there is a limited supply of land to add new buildings at the Chamblee airport, he said. Florida and Texas are the busiest states for private aviation travel, followed by California, Colorado and Georgia.

Volato’s growth model

In an effort to improve efficiency in the private aviation industry, Volato relies on a fractional ownership model. An average of six owners split the costs of a jet with the ability to use it as often as needed. The company allows owners to make their jets available for charter flights, from which they receive a share of the revenues.

Volato achieved total sales of $103 million during its first full year of operations in 2022, a 627% increase compared with 2021 results. The company’s fleet now comprises 29 jets, including 17 HondaJets with a letter of intent to acquire 25 more from the manufacturer. It is currently raising $25 million from investors.

Compared with commercial airlines, the private aviation industry weathered the pandemic relatively well, though demand is softening. Global private jet travel is down by 10% year over year, according to data company WingX. Charter flight activity is dipping. But fractional usage is rising, Liotta said. Revenue hours for Volato grew by 11% from March to April, he said.

Photo courtesy of Corporate Jet Investor