Wheels Up Experience has become 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. (ASPL), a special purpose acquisition company (SPAC). 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.
Wheels Up states that its 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. This transaction, the company claims, uniquely positions Wheels Up as it continues to accelerate marketplace development in response to growing global demand and adoption of private flying. The company also plans to invest in adjacent lifestyle and consumer services to complement its membership offerings. 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.
The capital raised will accelerate investment in Wheels Up's technology and product offerings.
"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."
Connaught (UK) acted as financial advisor, Credit Suisse Securities (USA) acted as financial advisor, placement agent, and capital markets advisor, and Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to Aspirational Consumer Lifestyle Corp.
Goldman Sachs, Jefferies, and Morgan Stanley acted as joint lead financial advisors, and Arnold & Porter Kaye Scholer acted as legal advisor to Wheels Up.
Robert W. Baird & Co, BTIG, Raymond James & Associates, and UBS Investment Bank acted as capital markets advisors to Wheels Up.