Fly Alliance will retain separate ownership and continue to operate under Chief Executive Christopher Tasca, the companies said. The arrangement is intended to broaden FlyExclusive’s presence across jet categories and grow its managed-aircraft business.

The agreement extends an existing relationship: Fly Alliance has already adopted FlyExclusive’s Contrails flight management system. FlyExclusive is a private jet operator, while Fly Alliance is a private aviation provider.

The announcement came Thursday, when FlyExclusive reported a narrower loss and higher revenue in its most recent quarter.