Wheels Up Partners LLC raised $128 million in class D equity capital to fund future acquisitions and sales and marketing efforts, as well as to scale its technology and digital platforms.
Franklin Resources Inc. unit Franklin Templeton Financial Services Corp. co-led the round with funds and accounts managed by T. Rowe Price Associates Inc. and Fidelity Management & Research Co. Other institutional and private investors also joined the round.
The post-money valuation for the membership-based private aviation company is more than $1.1 billion.
Jefferies LLC advised Wheels Up in the transaction. The agents for the class D equity private placement were Goldman Sachs Group Inc. and BofA Merrill Lynch.