On November 13, 2024, Wheels Up Experience (Wheels Up) has completed a major milestone in its growth strategy by securing a US$332 million revolving equipment notes facility with Bank of America and acquiring GrandView Aviation's fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, along with associated maintenance assets and customer programmes. These transactions mark a significant step towards enhancing Wheels Up's service offerings and operational capabilities.
George Mattson, Chief Executive Officer of Wheels Up, commented on the acquisitions, stating, “Our fleet transition starts today with the strategic acquisition of GrandView's Phenom fleet and the immediate introduction of the Phenom fleet into our programmatic member as well as charter offerings as we head into the peak holiday travel season. By expanding our fleet with newer, more capable aircraft, we are positioning Wheels Up to remain at the forefront of our industry, offering our customers private aviation solutions that deliver greater flexibility, enhanced comfort, and the reliable access our customers expect.”
The new financing facility, backed by credit support from Delta Air Lines, is a cornerstone of Wheels Up's fleet transition plan. It refinances the company's existing owned fleet, funds the purchase of GrandView's fleet and provides additional borrowing capacity to support future growth.
Wheels Up is a provider of on-demand private aviation in the United States and one of the largest companies in the industry. Offering a global aviation solution, Wheels Up boasts a versatile fleet and a worldwide network of safety-vetted charter operators. Its innovative programmes include membership and charter options, as well as exclusive commercial travel benefits through a strategic partnership with Delta Air Lines.
