The deal, which is being announced this morning, and closed Friday, adds 26 light jets to the Wheel Up fleet
Wheels Up announced this morning that it has closed a deal to acquire Elkhart, Indiana-based Travel Management Company (TMC), a significant fleet operator of owned and leased light jets serving the on-demand charter market. The deal will increase the current Wheels Up fleet to 119 owned and leased aircraft. Terms of the deal were not disclosed.
For Wheels Up founder Kenny Dichter, who helped popularize jet cards by launching Marquis Jet Partners in 2001 before selling it to NetJets in 2010, the move comes after he announced in January he had hired Goldman Sachs and Bank of America to provide advice on strategic options.
Charter broker Paramount Business Jets makes a case for the
With the increasing profile of branded floating fleets – think Delta Private Jets,
JetSuite, VistaJet, Dumont Group, TMC, and Jet Edge – Virginia-based Paramount
Business Jets issued a press release to highlight the benefits of working
through a charter broker instead of directly with an operator.
Is XOJET in play? The company said it is looking at raising new funds, a merger, sale or strategic alliance.
In order to best position XOJET for continued growth and expansion, Perella Weinberg Partners has been engaged as a strategic advisor to explore a range of options that may include a capital raise, merger, sale of the company or a strategic alliance, according to a statement received by Private Jet Card Comparisons. The company was started in 2006 and has over 450 employees, 41 of its own aircraft and over 1,300 additional private jets in its broker network. The company has a 24/7 operations center spanning 21,000 sq. ft. in Sacramento, CA. The firm also recently completed the purchase of two Citation X aircraft and is planning to expand the fleet with additional aircraft acquisitions in 2018. Last year, it continued a refurbishment of its current fleet and launched a new membership fee model program. Current key investors include TPG Capital and Mubadala.
The cost of Light Jets is $5,500 per hour and $6,750 per hour for Mid-Size Jets in XOJET’s new Elite Access private jet membership program.
XOJET has posted on its website some details of its updated Preferred Access and Elite Access programs with the biggest changes around its Elite Access program which continues to require a $200,000 deposit. Private Jet Card Comparisons had previously reported the San Francisco-area based operator and broker was set to launch significant revisions to its programs.
Look both ways before you cross the street. It’s one of the first things your parents taught you and something every parent teaches their children. Jennifer Lawrence was fortunate that when her Hawker Beechcraft B400A flying from Louisville, Kentucky to Teterboro, New Jersey had to make an emergency landing in Buffalo, New York after an engine failure at 31,000 feet, she was on an airplane being flown by a highly respected operator.