Wheels Up Announces $332 Million Plan For Future
The once-struggling charter is buying 100 jets.
Wheels Up has secured $332 million in financing to fund a three-year expansion and modernization plan that will buy it 100 new jets and give it financial stability. The company, which began with a handful of King Airs and Beechjets, grew to become one of the largest on-demand charters in the U.S.
After going public in 2021 it ran into financial trouble before being bailed out by a group led by Delta Air Lines in a $500 million deal that gave the group 95% of the stock. Former Delta board member George Mattson became the new CEO in 2023 and announced the plan at NBAA-BACE in Las Vegas on Tuesday.
Mattson said the company will replace the Beechjets with Embraer Phenom 300s, and to get the ball rolling it's buying 17 Phenoms from Grandview Aviation and hiring most of its pilots. Wheels Up will also replace its 13 Citation Xs with Bombardier Challenger 300s, which have a lot more range and interior space than the speedy Citations. Mattson said Delta is guaranteeing a loan from Bank of America to finance the plan.
