Private aviation supplier Wheels Up has agreed to acquire U.K.-based Air Partner, which has operations in 18 locations across four continents, for $107 million, the companies announced Thursday. The companies expect the deal to close later in the first quarter subject to shareholder and regulatory approvals.
Founded in 1961, Air Partner provides private jet, group and freight charter, and aviation safety and security solutions. “This acquisition will allow us to offer existing and future customers even more compelling and seamless options for private travel, expand the reach of our marketplace in key markets around the world, and add important operational capabilities to our network,” said Wheels Up chairman and CEO Kenny Dichter in a statement.
Wheels Up combined with Delta Private Jets in 2020, and went public via a special purpose acquisition company in 2021. The company also launched its Up for Business offering to corporate customers last June.
After reporting a 55 percent year-over-year increase in third-quarter 2021 revenue, a 29 percent bump in users to more than 12,000, and a 52 percent increase in live flight legs to more than 19,700, the company upped its membership terms for new customers, requiring more advance notice ahead of travel, raising pricing and requiring larger block commitments for peak-day guarantees.
Wheels Up declined further comment, citing a “quiet period.”
Published on: Article source
