Wheels Up agrees to acquire Air Partner for $ 107M

Private carrier Wheels Up has agreed to buy the British Air Partner, which has operations at 18 locations on four continents, for $ 107 million, the companies announced on Thursday. The companies expect the deal to close later in the first quarter, subject to shareholder and government approvals.

Air Partner was founded in 1961 and provides private jet, group and freight charter and aviation safety and security solutions. “This acquisition will enable us to offer existing and future customers even more compelling and hassle-free opportunities for private travel, expand the reach of our marketplace in key markets around the world, and add important operational opportunities to our network,” said Wheels Up. Chairman and CEO Kenny Dichter in a statement.

Wheels Up combined with Delta Private Jets in 2020 and was listed through a special purpose acquisition company in 2021. The company also launched its Up for Business offering to corporate customers in June last year.

After reporting a 55 percent year-over-year increase in revenue in the third quarter of 2021, a 29 percent increase in users to more than 12,000 and a 52 percent increase in direct flight legs to more than 19,700, the company raised its membership terms for new customers who require more advance notice prior to travel, prices rise and require larger block commitments for peak load guarantees.

Wheels Up declined further comment, citing a “quiet period.”

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