New York-based Wheels Up has announced the completion of its USD 128 million Class D equity capital raise led by Franklin Templeton, which co-led the round with funds and accounts advised by T. Rowe Price and Fidelity Management & Research, along with other institutional and private investors, the company said.
The company´s post-money enterprise valuation is north of USD 1.1bn.
The raise comes on the heels of the company´s recent acquisition of Travel Management Company, which closed in May 2019. Wheels Up was represented by Jefferies, LLC as an advisor for this transaction.
Wheels Up Founder and CEO Kenny Dichter said this latest round of financing will fund a number of business initiatives, including additional potential acquisitions, the acceleration of membership growth through further investment in sales and marketing, and significant scaling of the Company´s technology and digital platforms.
Weels Up was represented by Goldman Sachs and BofA Merrill Lynch as placement agents for the Class D equity private placement.
Wheels Up is a membership-based private aviation company that significantly reduces the upfront costs to fly privately, while providing safety, service, flexibility and quality. Wheels Up offers a total private aviation solution for its 6,000+ members across North America.