Wheels Up Sells 3 Non-Core Businesses

TrustFlight, an aviation safety and compliance solutions company, has acquired Baines Simmons, Kenyon Emergency Services, and Redline Assured Security from Wheels Up. The sales proceeds are approximately $20 million, which Wheels Up expects to reinvest in its ongoing fleet modernization strategy and for general corporate purposes.

The sale of these non-core services businesses complements continued efforts to streamline Wheels Up's business, drive operational performance and execute on the company's fleet simplification and modernization strategy.

"The divestiture of these non-core services businesses is the latest in a series of steps that Wheels Up has taken to sharpen our strategic focus; invest in our product, fleet and operations; and strengthen our balance sheet," said George Mattson, Chief Executive Officer. "The sale, along with our recently announced initiatives estimated to drive approximately $50 million of cost efficiencies, is expected to create meaningful tailwinds on our path to sustained, profitable growth."

Trustflight says the acquired businesses will retain their existing management teams, brands, engineering expertise, and sales capabilities, with no immediate operational changes.

“Safety in aviation is a lifecycle, not a point solution or set of vendors,” said Karl Steeves, CEO of TrustFlight. “By bringing together the strengths of these three companies with TrustFlight’s software and data platform, we’re building an operating system for safety that helps anticipate risks earlier, prove compliance continuously, and recover faster when events occur. We’re excited about the capabilities these companies bring to TrustFlight.”