While speaking with CNBC’s “Squawk Talk” earlier this week, Wheels Up founder and CEO Kenny Dichter announced the company had received a $90 million debt funding commitment from KKR & Co. (New York private equity firm) to acquire 17 more King Air 350i from Textron Aviation.
“KKR has joined our debt stack. We’ve raised over $400 million in debt to get our aircraft from Textron. KKR has just stripped in $90 million and that’s our next 17 aircraft,” said Dichter.
The additional 17 aircraft will bring the Beechcraft King Air 350i total to 75. Five were delivered on Friday, with 12 more to be delivered over the next year. Dichter went on to note the company is expecting to finish 2017 with $300 million in revenue. Dichter also said the company is close to doubling its memberships from 2016 levels.
Wheels Up website is https://wheelsup.com/.