Wheels Up Experience Inc. (NYSE: UP) today announced that it has sold three non-core services businesses – Baines Simmons, Kenyon International Emergency Services and Redline Assured Security – to an unrelated third party for approximately $20 million in proceeds before transaction-related expenses. Wheels Up expects to reinvest the net proceeds from the sale to further its ongoing fleet modernization strategy and for general corporate purposes.

"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."

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.