Wheels Up Experience (NYSE: UP) announced the sale of Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security to an unrelated third party for approximately $20 million in proceeds before expenses. The Company plans to reinvest the net proceeds into its fleet modernization strategy and for general corporate purposes. CEO George Mattson said the divestiture sharpens strategic focus, complements recently announced initiatives targeting $50 million in cost efficiencies, and supports Wheels Up’s path to profitable growth. The transaction aligns with ongoing efforts to streamline operations and advance the Company’s fleet simplification and modernization strategy.
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About Wheels Up
Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo services to a range of clients, including individuals and government organizations. With the Wheels Up app and website, members can easily search, book, and fly.
For more information, please visit our website at www.wheelsup.com.
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