As Airshare continues its expansion plans, the private aviation company officially signed a Letter of Intent to acquire Wheels Up’s aircraft management business. This deal is expected to close in the third quarter of 2023, pending customary approvals and closing conditions.
“Our management team has worked diligently to establish a strong foundation for us to intelligently grow the company, and this potential acquisition is a direct result of those efforts,” says John Owen, president and CEO of Airshare. “Aircraft management has become a core source of revenue for Airshare. Adding aircraft capacity and valuable owner relationships to our rapidly expanding managed fleet positions us very well for the future.”
The Chairman of Operations for Wheels Up, Dave Holtz, expressed excitement about the prospect of working closely with Airshare during the process. He acknowledged Airshare’s reputation as a proven operator with an impressive track record of success in the aircraft management industry.
“Airshare has our same dedication to the customer and focus on extraordinary service, and we believe this will be a great destination for our managed fleet and team,” Holtz says. “As we looked for a strong partner, Airshare’s commitment to aircraft management and overall customer experience stood out.”
Headquartered in Overland Park, Kansas, Airshare is recognized as one of the fastest-growing companies in private aviation. Airshare has offered its esteemed clientele, including NFL star Patrick Mahomes, a comprehensive range of personal aviation solutions for over two decades. Some of their most popular offerings include their innovative days-based fractional ownership, EMBARK jet cards, charter services, aircraft management and third-party maintenance.
One of the reasons for Airshare’s remarkable growth is its uncompromising commitment to customer satisfaction. In response to popular demand, Airshare has recently expanded its geographic footprint to include Chicago and South Florida. With this new acquisition, Airshare will be able to manage aircraft for customers across the nation, thus laying the foundation for accelerated growth in aircraft management, fractional and charter programs, and continuing their long-term expansion plans.
“One aspect that sets us apart from other private aviation companies is the access Airshare customers have to our complementary services,” Owen says. “If interested, aircraft management customers can generate revenue by chartering their aircraft to our established base of fractional and charter customers. We also have many aircraft owners who own fractional shares or EMBARK jet cards to provide them with supplemental lift. We’re excited for every aircraft owner to experience everything Airshare has to offer.”
Airshare has enlisted the legal services of Foulston Siefkin LLP, while Wheels Up has tapped Kirkland & Ellis LLP as its legal counsel. Jefferies, LLC is also on board as the exclusive financial advisor for the latter.
