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Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.
Ready or not, Kenny Dichter and Wheels Up plan to change the face of private jet access. It’s a big leap from marketing ploys like selling memberships through Costco. Beyond stump speeches at industry conferences, there will be the harsh spotlight from being a publicly traded company. If he’s successful, the lifelong entrepreneur will find his name alongside aviation innovators such as Pan Am founder Juan Trippe, former American Airlines chairman Robert Crandall, who ignited revenue management and frequent flyer programs, and inventor of fractional private jet ownership, Richard Santulli. The latter created NetJets, the world’s largest private jet operator, and gave Dichter his entree into the industry. In fact, Dichter might fly higher than all of them. Success would make Dichter the Jeff Bezos of private jets.
In a two-hour presentation to financial analysts Friday morning, the founder and CEO of Wheels Up, along with his leadership team, discussed various milestones, projected growth, and insights on where it’s coming from. More than that, they unveiled a dramatic vision for a private aviation marketplace they say could more than double the addressable market by 2025, democratizing the segment down to low single-digit millionaires. It will certainly be key in their plan to grow revenues from $695 million last year to over $2.1 billion by 2025.
Wheels Up founder and CEO Kenny Dichter was named to City & State’s Responsible 100 list.
The recipients had previously been limited to the private sector. In light of the COVID-19 pandemic, this year’s honors were extended to leaders n government, health care, education, and nonprofits.
| Year Founded | 2013 |
| Leadership | Kenneth Dichter, Founder, Chairman of the Board and Chief Executive Officer Todd Smith, Chief Financial Officer Lee Applbaum, Chief Marketing Officer Mark Briffa, Chief Commercial Officer Laura Heltebran, Chief Legal Officer Stevens J. Sainte-Rose, Chief People Officer Phil Dodyk, Chief Aircraft Management Officer Srikanth Satya, Chief Technology Officer Dave Holtz, Chairman, Operations Ravi Thakran, Director Timothy Armstrong, Director |
| Headquarters | New York, NY |
| Jet Card Hourly Rates | King Air 350i from $5,395, plus FET |
| Related Products | Aircraft Management, Aircraft Maintenance, Aircraft Sales, FBO, On-demand Charters, Empty Legs |
| Related Companies | Delta Air Lines, Aspirational Consumer Lifestyle, Avianis, Mountain Aviation |
Following a SPAC merger with Aspirational Consumer Lifestyle in July 2021, Wheels Up is a pure-play publicly traded private jet operator and a broker. It trades on the NYSE under the symbol UP.
Wheels Up Experience Inc. is the new name of Wheels Up Partners Holdings LLC following its merger with Aspirational Consumer Lifestyle Corp in July 2021, making it a public company.
It continues to be known as Wheels Up.
In 2022 it was the third largest charter/fractional operator in the U.S., behind NetJets and Flexjet. In a 20-month span through January 2021, it acquired TMC Jets, tech platform Avianis, Delta Private Jets, Gama Aviation Signature, and Mountain Aviation. In February 2022, it acquired Alanate Air Charter, adding 12 light jets.
The acquisition of Delta Private Jets made Delta Air Lines the largest shareholder in the company (Review private jet fractional and membership company M&A activity with our PRIVATE AVIATION DEAL BOOK.) Following Wheels Up’s IPO, Delta Air Lines remains the largest shareholder.
Wheels Up offers a variety of membership options across its fleet of 170 King Air 350i turboprops, Citation Excel/XLS, and Citation X jets, as well as managed aircraft and off-fleet through partner operators. It is a leader in jet sharing with flights by the seat and split between members.
In November 2021, it retooled its membership program, increasing rates, minimums, and call-outs but maintaining the number of peak days. It was revised again, effective June 2022.
Its most recent changes, announced on Nov. 1, 2022, go into effect on Dec. 1, 2022.
It has a wide variety of partnerships, including the NFL Players Association, Porsche, American Express, Costco, Landry’s, Waldorf Astoria, and Inspirato.
It said it would launch a helicopter service via a partnership with Textron Bell in 2021. No further announcements have been made.
The company was founded in 2013 by its CEO, Kenny Dichter, and veterans of Marquis Jet Partners. It is based in New York City.
Wheels Up is included in Private Jet Card Comparisons’ database of over 50 jet card providers, enabling you to compare programs in minutes.
When was the company founded?
2013
Who owns Wheels Up?
The company is publicly traded on the NYSE as UP. Delta Air Lines is the largest shareholder with 52 million shares, representing 21.3% of oustanding shares. Fidelity related entities hold 17.5 million shares. Founder Kenny Dichter owns 13.2 million shares, representing 5.4% of equity as of February 2022.
Who is the CEO?
Kenny Dichter is the founder and CEO. He previously founded Marquis Jet Partners in 2001 generating approximately $4 billion in jet card sales before selling to NetJets in 2010.
How are aircraft sourced?
The company uses owned and managed aircraft, plus private jets from vetted charter operators. As of December 2021, it has approximately 250 owned, leased, and managed aircraft.
| Aircraft | Size | Number in Fleet |
| King Air 350i | Turboprop | 85 |
| Hawker 400XP | Light Jet | 28 |
| Citation Excel/XLS | Midsize | 15 |
| Citation X | Super Midsize | 38 |
| Gulfstream G450 | Large | 3 |
What are the initiation and membership fees?
The first-year initiation fee for families and individuals is $17,500 for its Core membership. Renewal is $8,500. It also has a corporate program, while the Wheels Up Connect program targets flight-sharing and is priced at $2,950. There are discounts and flight credits for American Express Platinum and Centurion members.
Do they provide guaranteed availability?
Yes, with limited exceptions based on program level
Is the hourly rate guaranteed?
Yes. On its Core Membership and Corporate Membership, Wheels Up offers capped hourly rates. It then tries to provide lower rates using its owned and managed fleet of over 350 aircraft and an additional safety-vetted fleet of over 1,200 private jets and turboprops.
Can jet card holders/members use multiple aircraft at the same time?
Yes, varies by membership type
What is the company website?
https://wheelsup.com/
Where is the headquarters?
New York, NY
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