Membership-based private aviation company Wheels Up (WUP, Teterboro) has announced the acquisition of Travel Management Company (TMC), a wholesale-focused light jet operator, in a deal that closed on May 31.
The "strategic acquisition" of TMC, based at Elkhart, Indiana, where it operates an owned and leased fleet of twenty-six Hawker 400XPs, was in response to rising demand from Wheels Up's approximately 5,000 members for high-quality light jets, a joint statement issued on June 3 said.
Wheels Up's members-only fleet already consists of ninety-three aircraft, namely seventy-two Beech (twin turboprop), fifteen Cessna Aircraft Company Citation Excel/XLSs, and six Citation Xs, which are operated exclusively by AL!GMU-o. TMC's fleet will further strengthen this range of private jets and growing charter marketplace, the statement added.
TMC, whose management team will remain intact, will operate as an independent subsidiary of Wheels Up and continue to provide the same services to its existing wholesale channel partners, the statement assured. The financial terms of the deal have not been disclosed.
"TMC and their light jet fleet are a perfect complement to our anchor partner, Gama Aviation, and their pilots, who will continue to operate the aircraft in our Wheels Up fleet and provide our members with the same high level of safety and service that they do today," said Kenny Dichter, Founder and CEO of Wheels Up.
The deal is part of a wave of consolidation in the world of business aviation. VistaJet Group Holding parent Vista Global acquired XOJET Aviation in a deal that closed last December, and VistaJet is currently also working towards closing a purchase of JetSmarter, Private Jet Card Comparisons reported. Last September, Directional Aviation, owner of Flexjet and Sentient Flight Group bought the charter broker PrivateFly.
