Ropes & Gray advised Travel Management Company in its acquisition by Wheels Up, the membership-based private aviation company. TMC, the largest wholesale-focused light jet operator in the U.S., operates an owned and leased fleet of Hawker 400XP aircraft in North America. The transaction was announced on June 3.
TMC will operate as an independent subsidiary of Wheels Up and continue to service their existing wholesale channel partners. The acquisition adds TMC’s complementary fleet of 26 aircraft to Wheels Up fleet of 93 aircraft, strengthening the light jet offering and charter market.
The Ropes & Gray team was led by mergers & acquisitions partner Carl Marcellino (New York) and included business restructuring partner Gregg Galardi (New York), tax partner Benjamin Rogers (Boston) and litigation & enforcement partners Martin Crisp and David Hennes (New York).
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