NEW YORK, July 14, 2021 /PRNewswire/ -- Today Wheels Up
Experience Inc. ("Wheels Up" or the "Company") (NYSE: UP) became
the first private aviation company to be traded on the New York
Stock Exchange ("NYSE"). The Company announced that it has
officially closed its transaction with Aspirational Consumer
Lifestyle Corp. (NYSE: ASPL), a special purpose acquisition
company. Its common stock will trade on the NYSE under the symbol
"UP". The business combination was approved by Aspirational
Consumer Lifestyle Corp. shareholders on July 12, 2021 and the transaction closed on
July 13, 2021.
The Company's strategy is built upon and focuses on creating and
growing an accessible marketplace for private aviation while
elevating the overall travel experience both in the air and on the
ground. Today's transaction uniquely positions Wheels Up as it
continues to accelerate marketplace development in response to
growing global demand and adoption of private flying. The Company
will also invest in adjacent lifestyle and consumer services to
complement its already robust membership offerings. Over the course
of the last eight years, Wheels Up has delivered growth through
customer acquisition, retention, strategic M&A, and organic
demand. The Company recently announced several key partnerships
adding to its bespoke member benefits platform with iconic
lifestyle brands, including American Express, Porsche, and Belmond,
among others.
In the first quarter of 2021, Wheels Up had record
year-over-year revenue growth of 68% to $261.7M and a 56% increase in active members.
Wheels Up is the only company in the industry to offer a
comprehensive total aviation solution including membership
programs, on-demand private flights across all cabin categories,
aircraft management, whole aircraft sales and corporate
solutions. Members also have access to commerical aviation travel
benefits through the Wheels Up strategic partnerhship with Delta
Air Lines (NYSE: DAL).
The capital raised will accelerate investment in Wheels Up's
technology and product offerings, driving the Company's core global
growth strategies and expansion of the Wheels Up Marketplace with
membership and non-membership options.
"Today is a special milestone for Wheels Up," said Kenny Dichter, Founder and CEO at Wheels Up.
"Since our 2013 launch, it has been our mission to create a dynamic
platform to democratize private aviation making it possible for
significantly more people to experience private flying. We are
honored to be a public company on the NYSE, and we look forward to
taking our disruptive marketplace global."
"Aspirational's purpose was always to support a premium brand
that delivers a compelling vision and lifestyle experience for
today's consumer," said Ravi
Thakran, Chairman & CEO at Aspirational Consumer
Lifestyle Corp., and newly appointed Wheels Up Board member added,
"We are thrilled for Wheels Up as they expand globally with the
innovative Wheels Up Marketplace."
To commemorate the completion of the transaction Wheels Up
Founder and CEO Kenny Dichter,
Ravi Thakran, and select members of
the Wheels Up Founding and Leadership Teams will ring the closing
bell at the NYSE at 4pm EDT on July 14, 2021. A live
stream of the event and replay can be accessed by
visiting https://www.nyse.com/bell.
Advisors
Connaught (UK) Limited acted as financial
advisor, Credit Suisse Securities (USA) LLC acted as financial advisor,
placement agent, and capital markets advisor, and Skadden, Arps,
Slate, Meagher & Flom LLP acted as legal advisor to
Aspirational Consumer Lifestyle Corp.
Goldman Sachs & Co. LLC, Jefferies LLC, and Morgan Stanley
& Co. LLC acted as joint lead financial advisors, and Arnold
& Porter Kaye Scholer LLP acted as legal advisor to Wheels
Up.
Robert W. Baird & Co. Incorporated, BTIG, LLC, Raymond James & Associates, Inc., and UBS
Investment Bank acted as capital markets advisors to Wheels Up.
About Wheels Up
Wheels Up, the leading brand in
private aviation, is the only company in the industry to offer a
total private aviation solution that includes world-class safety,
service, and flexibility through on-demand private flights across
all cabin categories, membership programs, corporate solutions,
aircraft management, whole aircraft sales, and commercial travel
benefits through a strategic partnership with Delta Air Lines.
Wheels Up, which was founded and is led by renowned
entrepreneur Kenny Dichter, is uniquely positioned to offer
its Customers and Members access to over 1,500 safety-vetted and
verified aircraft.
Through the Wheels Up App anyone can search, book, and fly.
Wheels Up Connect, Core, and Business memberships provide
enhancements such as flight sharing, empty-leg Hot Flights, Shuttle
Flights, Shared Flights, signature Wheels Down events, and
exclusive member benefits from preeminent lifestyle
brands. The Company's ongoing Wheels Up Cares program aligns
with philanthropic organizations and initiatives that affect and
matter to the Company and its Customers, Members, stakeholders,
families, and friends. The Wheels Up Cares fleet is comprised
of five custom painted Beechcraft King Air 350i aircraft; each
plane serves as a flying symbol for a specific cause.
About Aspirational Consumer Lifestyle Corp.
Launched
in September 2020, Aspirational is a partnership of
experienced consumer investors and former LVMH executives
alongside L Catterton, the largest global
consumer-focused private equity firm, as a minority partner.
Aspirational identifies and invests in innovative, premium brands
to offer consumers experiences that fulfil their aspirations for a
healthy, balanced and cosmopolitan lifestyle. To learn more about
Aspirational visit www.aspconsumer.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the price of the Company's securities may be
volatile due to a variety of factors, including changes in the
competitive and highly regulated industries in which the Company
operates, variations in operating performance across competitors
and changes in laws and regulations affecting the Company's
business, (ii) the ability to implement business plans, forecasts,
and other expectations and identify and realize additional
opportunities, and (iii) the risk of downturns and a changing
regulatory landscape in the highly competitive aviation industry.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of the
Company's proxy statement/prospectus declared effective by the SEC
on June 23, 2021 and other documents
filed by the Company from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and the Company assumes no obligation and does not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. The Company does not
give any assurance that it will achieve its expectations.
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SOURCE Wheels Up