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Vital Farms Founder Matt O'Hayer Buys Top 20 Private Jet Charter Operator
Vital Farms founder and current Executive Chairman Matt O'Hayer is entering the world of aviation with the acquisition of ATI Jet, also known as Jetvia.
The El Paso, Texas-based private jet company, founded in 1985, ended 2024 as the 18th-largest U.S. private jet operator based on charter and fractional flight hours, according to ARGUS TraqPak.
Vital Farms touts 'pasture-raised eggs laid by hens raised on American family farms.'
Vital Farms Executive Chairman Matt O'Hayer (second from left) attends the "Common Ground" Austin ... More screening at The Paramount Theater on October 04, 2023 in Austin, Texas. The founder of Vital Farms has bought the 18th-largest U.S. private jet charter/fractional operator. (Photo by)
From Howard Hughes (Trans World Airlines) to Sir Richard Branson (Virgin Atlantic, Virgin America, Virgin Australia, and Virgin Charter) and Warren Buffett (investments in multiple airlines and acquisition of NetJets via Berkshire Hathaway), airlines – both public and private have long been a draw for folks who made lots of money in other industries.
Branson is credited as saying, 'If you want to be a millionaire, start with a billion dollars and launch a new airline.'
After tangling with the airlines in the late 1980s, Buffett wrote, 'In the case of our commitment to USAir, industry economics had soured before the ink dried on our check. As I've previously mentioned, it was I who happily jumped into the pool; no one pushed me. Yes, I knew the industry would be ruggedly competitive, but I did not expect its leaders to engage in prolonged kamikaze behavior. In the last two years, airline companies have acted as if they are member of a competitive tontine, which they wish to bring to its conclusion as rapidly as possible.'
Two decades later in 2010, he would tell shareholders of the world's biggest private jet company, 'Even though NetJets was consistently a runaway winner with customers, our financial results, since its acquisition in 1998, were a failure.'
That's changed.
Two years ago, the late Charlie Munger, vice chairman of Berkshire Hathaway, said during its annual shareholders meeting, 'NetJets has been remarkable. You can argue it's worth as much as any airline now.'
Buffett added, 'It was a tough model for a long time, but (NetJets Chairman and CEO Adam Johnson) has brought it where it is, and we should have a wonderful company forever.'
Jokes about laying eggs and losing lots of money aside, executives at ATI Jet say their new owner has big plans.
Executive Vice President Nick Tyson says O'Hayer plans to use 'private aviation as a force for good—donating flights for individuals facing urgent medical needs, including the immunocompromised, and supporting missions that serve the greater public.'
Vita Farms website reports, 'Our mission is to bring ethical food to the table. We do everything we can to improve the lives of people, animals, and the planet through food.'
The new boss may also be able to bring a fresh perspective to the industry's efforts to promote its sustainability story.
While all aviation accounts for just two percent of global carbon emissions, and private jets comprise only two percent of that, business aviation remains a lightning rod for anti-wealth campaigners who position private flyers as mass polluters.
O'Hayer joins a company riding a growth spurt.
After not being ranked in the top 30 in 2021, ATI Jet ranked 24th in 2022 and then 20th in 2023.
Last year's move up the rankings followed 11.6% year-over-year growth, compared to a 1.1% overall decline.
ATI also rebranded its retail arm, which sells jet cards, on-demand charters, and fractional shares in its Learjet 60 fleet, under the Jetvia label.
In 2023, it launched a national jet card, and in 2024, it added a specialty card for frequent travelers to Los Cabos.
Lyle Byrum, the former owner and CEO, remains as president.
A successful business entrepreneur before entering the private aviation space, he is a former stuntman and stunt pilot with credits ranging from Fantasy Island to Howard the Duck.
Buffett, in 2007, is quoted as saying, 'If a far-sighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.'
During a 2023 interview with CNBC, O'Hayer told the cable network that his fortunes as a serial entrepreneur changed when he stopped 'trying to get rich' and started Vital Farms, a company with a 'deeper purpose.'
In fact, O'Hayer has first-hand experience with the volatility of aviation.
According to a Forbes profile in 2018, in 1995 he launched a discount travel company targeting airline employees. After going public in 1998 with $50 million in revenue, he sold the company after business plummeted following the 9-11 terrorist attacks.
He told Forbes his takeaway was, 'Always be over-capitalized.'
Formal announcement of O'Hayer's purchase is expected in the next several days, however, officials confirmed the deal to Private Jet Card Comparisons.
