July 21 (Reuters) -

Flexjet said on Monday it had raised $800 million in a

funding round led by L Catterton, a private equity firm backed

by LVMH, valuing the U.S. jet operator at $4 billion

just a couple of years after a botched deal with Todd Boehly's

SPAC.

The funding comes as more companies remain private,

seeking greater control over decision-making, less regulatory

scrutiny, and access to abundant private capital.

Affiliates of KSL Capital Partners, LLC, and the J. Safra

Group also participated in the round.

The valuation is an increase from the intended $3.1

billion, at which Flexjet was set to go public through Todd

Boehly's blank-check firm Horizon Acquisition Corp. II in late

2022.

That deal collapsed the following year.

Flexjet is looking to expand its fleet, with a focus on

larger aircraft and international flights,

following a $7 billion deal with Embraer ( ERJ )

for 182 Phenom and Praetor executive jets, with options for

30 more.

JPMorgan analysts expect the deal to increase Embraer's ( ERJ )

total backlog by about 26% to $28.7 billion, forecasting

deliveries over the next five years, as Flexjet plans to double

its fleet during the period.

"L Catterton provides the perfect opportunity for

collaborating in areas such as consumer insights, brand

strategies, retail expansion, and luxury product delivery,"

Flexjet's Chairman Kenn Ricci said.

Founded 30 years ago, Flexjet provides fractional aircraft

ownership, leasing, and jet card services in the private

aviation sector. The company is now owned by Directional

Aviation, a private equity investment firm.

Financial Times was the first to report on the funding

round.