Wheels Up Acquires 17 Embraer Phenom Jets to Modernize Fleet
Private jet operator Wheels Up has finalized the acquisition of 17 Embraer Phenom aircraft, as part of its ongoing fleet modernization strategy. Announced in October 2024 and confirmed on November 14, the purchase includes 17 Phenom 300 and Phenom 300E jets, along with related maintenance assets and customer programs, which were acquired from GrandView Aviation, a private jet charter operator.
The acquisition marks a significant milestone in Wheels Up’s efforts to enhance its fleet and improve the quality of its offerings to customers. George Mattson, CEO of Wheels Up, highlighted the strategic importance of this move: “Our fleet transition starts today with the strategic acquisition of GrandView’s Phenom fleet. We’re excited to introduce these jets to our programmatic member and charter offerings just as we enter the peak holiday travel season.”
The addition of the Phenom aircraft will help Wheels Up modernize its fleet and provide a more elevated and reliable experience for its customers. Mattson further emphasized the impact of the acquisition, stating: “By expanding our fleet with newer, more capable aircraft, we are positioning Wheels Up to remain at the forefront of our industry, offering our customers private aviation solutions that deliver greater flexibility, enhanced comfort, and the reliable access they expect.”
With the addition of these new aircraft, Wheels Up is expected to lower the average age of its fleet to approximately 10 years, helping the company stay competitive in the fast-growing private aviation market. The Phenom 300 series is known for its performance, efficiency, and spacious interiors, making it a valuable asset for the operator’s growing client base.
Wheels Up also announced that it has secured $332 million in financing from Bank of America, with credit support from long-term strategic partner Delta Air Lines. Delta, which is also Wheels Up’s largest shareholder, continues to play a key role in supporting the company’s growth and expansion. The funds will be used to facilitate the purchase of GrandView’s fleet, refinance Wheels Up’s existing owned fleet, and provide additional access to borrowing, supporting the company’s continued fleet transition.
This acquisition follows Wheels Up’s October 2024 announcement regarding the sale of its entire fleet of 13 Citation X aircraft. As part of its fleet overhaul, the company plans to replace the Citation X jets with pre-owned Challenger 300 and Challenger 350 aircraft, acquired through the secondary market. This strategic move further enhances the operator’s ability to offer more diverse aircraft options, while also ensuring an optimized fleet for various customer needs.
The fleet modernization plan, alongside the acquisition of the Phenom jets and other strategic moves, underscores Wheels Up’s commitment to delivering exceptional service and flexibility to its clients. As the company prepares for its fleet transition, it continues to solidify its place as a leader in the private aviation sector.
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