In 1972, there was a rising interest in private aircraft. Realizing this, Grumman Aerospace purchased American Aviation and formed a subsidiary company, Grumman American. Grumman American was used to build private planes such as the Gulfstream, while its parent company Grumman Aerospace continued to focus on combat/military aircraft.

Grumman American built and produced the Gulfstream I and II. The Gulfstream III project began in 1978, but soon afterwards Grumman Aerospace sold its interests in Grumman American, which then became Gulfstream American. Since then, it has become the Gulfstream Aerospace Corporation and has been owned by Chrysler, and more recently has been purchased by General Dynamics in 1999. Gulfstream Aerospace continues to build and produce the Gulfstream jets today.