Thu, Aug 10, 2023
Deal to Close Q3 2023, Pending Approval
Lenexa, Kansas-based private aviation concern Airshare has signed a Letter Of Intent (LOI) to purchase Wheels Up’s aircraft management business. The deal is expected to close in 2023’s third-quarter—subject to customary approvals and closing conditions.
Airshare president and CEO John Owen stated: “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. 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.”
Wheels Up chairman of operations Dave Holtz connoted his company’s eagerness to work with Airshare, setting forth: “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. As we looked for a strong partner, Airshare’s commitment to aircraft management and overall customer experience stood out.”
Founded in 2000, Airshare brought fractional ownership to businesses in the Wichita, Kansas region before expanding its services throughout the central U.S. In 2004, the company moved its operation to Kansas City and opened its Lenexa, Kansas headquarters. In 2019, Airshare further broadened its services to Upper Midwestern cities the likes of Chicago, Louisville, Cincinnati, Milwaukee, and Indianapolis.
By virtue of its deal with Wheels Up, Airshare’s aircraft management business stands to gain a nationwide reach at once consistent with the company’s long-term expansion plan and the accelerated growth of its aircraft management, fractional, and charter programs.
Mr. Owen added: “One aspect that sets us apart from other private aviation companies is the access Airshare customers have to our complementary services. 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.”
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