Kaye Scholer Represents Wheels Up in New Capital Round
Kaye Scholer is representing its client Wheels Up Partners Holdings LLC, a membership-based private aviation company, in a new capital round of up to $115 million led by funds and trusts managed by T. Rowe Price. Wheels Up completed the first closing of its sale of Class B Preferred Interests on September 18, 2015 to various institutional investors, including funds and trusts managed by Fidelity Management and Research Company and New Enterprise Associates, respectively.
According to Wheels Up founder and CEO Kenny Dichter, this latest round of financing will fuel the company’s United States expansion, set up a base of operations in Europe, and enhance the company’s technology platform, which includes a unique member-to-member ride-sharing feature.
In summer 2013, Kaye Scholer represented Wheels Up in negotiating its $1.4 billion order from Beechcraft, which is believed to be the largest general aviation propeller-driven aircraft order in history. In June 2015, the firm assisted Wheels Up in exercising an additional purchase option for 35 additional turboprop aircraft from Beechcraft.
The Kaye Scholer team for the current capital raise included partners Thomas Yadlon, John Geelan, Laurie Abramowitz, Michael Mulitz and Jeff London and associates Maria Reda, Eric Levine, Kate Gracia and Brian Witkowski.