After 18 successful years as Bombardier’s fractional jet ownership division, Flexjet has announced a definitive agreement for its purchase by a group led by Directional Aviation Capital through a newly-formed entity, Flexjet, LLC.

The deal is reportedly worth approximately $185 million.

With support from its new investors, Flexjet is also placing the largest private aviation order in its history valued at approximately $5.2 billion for up to 245 Bombardier business jets.

The transaction for the sale of Flexjet is expected to close by the end of the year.

“This opportunity marks the evolution of the next generation of Flexjet, placing us in a position to work with an exceptional group led by Directional Aviation Capital, an investment firm focused on our core business, with the resources needed to ensure a strong future powered by the latest technology,” said Deanna White, president, Flexjet.

“Flexjet remains committed to providing owners with exceptional private travel experiences, while maintaining the highest standards of flexibility.

“We look forward to offering our owners and their guests access to the newest, most advanced aircraft available.”

The firm order includes 85 business jets, featuring next generation Challenger 350, Challenger 605 and Learjet 75 jets, and the highly anticipated Learjet 85 aircraft.

The agreement also includes options for an additional 160 business jets.

Fractional shares are now available, with some aircraft deliveries beginning in 2014.

When the transaction closes, White will continue to lead Flexjet through the next chapter of growth and evolution.

Flexjet will continue to be run as an independent brand, with more resources available to fulfill its promise of offering travel experiences to owners.

This development emerges during a momentous period of growth for Flexjet, which is reporting a 96 per cent increase of new fractional and jet card sales in January to June 2013 compared to the same period in 2012.

In the first six months of this year, sales of new fractional shares increased a notable 112 percent, while new jet card sales grew a solid 68 percent.