An airline known for its semi-private service is expanding its footprint on the East Coast.
Airshare, Wheels Up Chart New Flight Plans After Closing Deal
02.10.2023 - 15:55 / forbes.com
Airshare’s acquisition of Wheels Up’s private jet management business closed over the weekend. It sends 90 airplanes and 300 personnel to the Kansas City-based operator, which already had 56 managed and fractional aircraft in its fleet. After the sale, Wheels Up still has 215 airframes, including 75 King Air turboprops, 52 super midsize jets it can deploy for transcontinental flights, and 61 light jets. For both companies, Wheels Up the fourth-largest operator based on fractional and charter flight hours, and Airshare, ranked 11th, it marks a new chapter.
Airshare has been in a steady growth mode since its CEO John Owen was elevated from his CFO position in 2018.
It has moved away from short-haul aircraft like the King Air and Phenom 100 very light jet to focus on the Phenom 300, a long-range light jet, and super-midsize Challenger 350/3500, mainly via fractional ownership.
It has gradually expanded its guaranteed program in the Midwest, adding Chicago, Milwaukee, Indianapolis, Cincinnati and Louisville in 2019 and Florida earlier this year.
Airshare doesn’t charge repositioning for flights departing or arriving within 120 nautical miles of Jacksonville, Naples, Palm Beach, Florida; Houston, San Antonio, Austin, Fort Worth, Dallas, Texas; Oklahoma City, Tulsa, Oklahoma; Kansas City, Wichita, Kansas; Denver, Colorado; St. Louis, Missouri; Chicago, Illinois; Indianapolis, Indianapolis, and Buffalo, New York. This includes Cincinnati, Louisville, Kentucky, and Milwaukee and Toronto.
In addition to 22 aircraft in its fractional fleet, Airshare managed 34 airplanes, so in a stroke of a pen, it quadrupled the managed fleet with aircraft now based nationwide.
Because Airshare is bringing over the entire employee group, including pilots and owner representatives, Owen believes the transition will be seamless for owners. That will be important as it’s not unusual for owners to move their jets if they don’t like changes at their management company.
While the Airshare CEO says there are no plans to launch new membership or jet card programs, the managed fleet supports plans to expand its current fractional and jet card offerings nationally, including to the Northeast U.S.
At the same time, Wheels Up continues its transition with a slimmed down primary service area – announced in May and implemented at the end of June – and plans to heavily integrate sales and marketing with Delta Air Lines.
Following a $500 million rescue package, the airline now controls 95% of the private aviation flight provider, along with Certares, which owns Internova, one of the nation’s largest luxury and corporate travel agencies, restructuring specialist Knighthead, and Cox Enterprises.
Eschewing previous grand visions to be a Costco
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