Wheels Up is in the middle of a significant expansion adding the Citation X to its fleet of King Air 350i and Citation Excel/XLS
Wheels Up today announced the appointment of Eric Jacobs as Executive Vice President, Chief Financial Officer via a press release. In this position, Jacobs will oversee the finance and accounting, investor relations and strategic corporate development functions of Wheels Up, including treasury and mergers and acquisitions.
Wheels Up features its own fleet of Citation X, Citation Excel/XLS and King Air 350i
Of the more than 20 new jet card programs launched since the Great Recession, Wheels Up has been one of the most notable providers. Founded by Kenny Dichter, who in 2001 started Marquis Jet Partners before selling it to NetJets, Wheels Up can be credited with popularizing the use of turboprops and a membership model.
The private jet and turboprop provider says its jet card membership program is reaching a wider audience
Private aviation membership provider Wheels Up has added KKR to its roster of investors, securing $90 million in debt financing as part of its plan to grow to 75 King Air 350is. It also operates the Citation XL/XLS. CEO and Founder Kenny Dichter broke the news this morning on CNBC’s Squawk Box. He said the deal closed this past Friday. There was no information on the investment posted on either of the company’s websites. Other investors include Fidelity and T. Rowe Price. The company was launched in 2013.
In Private Jet Card Comparisons’ ongoing Elevator Pitch series, private aviation innovator Kenny Dichter gives a 300-word sales pitch on why you should consider Wheels Up. Dichter was a co-founder of Marquis Jet Partners in 2001 helping popularize the jet card concept. After selling Marquis Jet to NetJets, he launched Wheels Up on the back of the King Air 350i, a plane he calls the Land Rover of private aviation. You can read Dichter’s message here.
Wheels Up plans to reach 10,000 “sticky” members by 2020 its CEO Kenny Dichter told a gathering of aviation executives at the Wichita Aero Club’s monthly luncheon yesterday, according to a local newspaper report.