Fly Alliance (KPO, Wilmington New Castle) is selling all aircraft parts inventory and warehouse facilities to Altitude Parts, a company headed by Kevin Wargo, the former CEO of Fly Alliance, Private Jet Card Comparisons has reported.

“Fly Alliance is focusing on the flying aspect of the business, which is charter, jet cards, fractional ownership, and maintenance. The parts business is different," said Christopher Tasca, CEO of Fly Alliance.

Tasca said the deal came together in August after he approached Wargo. The transaction includes an Orlando facility with over USD150 million worth of assets, comprising 156 disassembled aircraft and over 42,000 parts.

Manny Perez, who led the parts segment at Fly Alliance, will move to Altitude Parts as part of the transaction, where he will serve as president. Altitude Parts is owned by Cove Capital Investments, founded by Wargo and Samantha Nunez in September.

Wargo said the parts business generated USD60 million in sales in 2025, with six aircraft scheduled for disassembly in August, including a Falcon 50, three GIV-SPs, a Hawker 400XP, and a Hawker 4000.

On July 16, Fly Alliance submitted a notice to the FAA stating that 20 aircraft had been dismantled and scrapped and needed to be deregistered. These include two Learjet 45, a Learjet 45(XR), a Global Express, six Citation Excels, a Falcon 50, two Falcon 2000s, a G200, a GIV, a BAe-125-800A, three Hawker 400XPs, and a Hawker 800XP.

Cove Capital wider strategy

Separetly, Cove Capital Investments holds an ownership interest in Sky Travel, a charter and aircraft management specialist.

The company's Part 135 certificate currently comprises a Hawker 400XP, out of a total of 12 aircraft under management. Wargo said six Hawker 400XPs will be available for charter by the end of 2026.

Despite plans to expand Sky Travel's charter fleet, Wargo noted that Cove Capital Investments' focus is on aircraft parts and refurbishment projects, including paint, interior, maintenance, and resale.

He added that further strategic acquisitions are expected.