Wheels Up has sold three non-core services businesses to an unrelated third party for around $20 million in proceeds before expenses.
The businesses include Baines Simmons, Kenyon International Emergency Services and Redline Assured Security.
Net proceeds from the sale are to be reinvested into modernising its fleet and for general corporate purposes, Wheels Up said.
""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 Wheels Up CEO George Mattson. "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."
The sale is part of the company's efforts to streamline its business and drive operational performance.
The company's net losses narrowed in the second quarter of 2025, improving 15% to $82.3 million. This came as the company continued to invest in modernising and simplifying its fleet. In the first quarter, the company's net losses had widened slightly from $97.4 million to $99.3 million.