Kenny Dichter

Kenny Dichter is an American entrepreneur who is currently the C.E.O of the private aviation company Wheels Up.^[2] Previously, Dichter co-founded Alphabet City Sports Records, Marquis Jet, and Tequila Avión.

Career

Alphabet City Sports Records

Dichter founded Alphabet City Sports Records with friend Jesse Itzler after graduating from the University of Wisconsin in 1990.^[3] The label focused on creating and selling songs that were frequently heard in sports stadiums and arenas.^[4] Some of these songs, including the New York Knicks anthem 'Go NY Go', are still played in sporting venues today.^[5] Alphabet City Sports Records was eventually sold to SFX Entertainment in 1998 for $4.3 million in cash and stocks.

Marquis Jets

Dichter founded Marquis Jets in 2001, the first ever fractional card jet program. The card program allowed members to significantly reduce their aviation costs by buying blocks of hours on private aircraft instead of purchasing aircraft outright. By 2007, Marquis Jets was turning over more than $700 million per year from its 3,500 customers.^[6] In November 2010, Dichter sold Marquis Jet to NetJets, a subsidiary of Warren Buffet's Berkshire Hathaway. The terms of the deal were not disclosed.^[7]

Tequila Avión

Tequila Avión, a brand of tequila, was founded by Dichter and Ken Austin. Dichter and Austin have been lifelong friends with Doug Ellin, writer and creator of television series Entourage, who after being dissatisfied with the direction of the plot of his character Turtle, decided to incorporate Tequila Avión into the story.^[8] Through Turtle's storyline on the show, Tequila Avión received a large amount of free exposure to viewers across the world. At the time of being featured on Entourage, the story worked so well with the show that viewers initially thought the Avión brand was not real.^[9]

Since its inception, Tequila Avión has received many accolades from the alcohol beverage community including being named the 'Best Tequila in the World' at the 2012 San Francisco World Spirits Competition. Additionally at the same competition Avión was named 'Best White Spirit in the World', an accomplishment that is very rare for a tequila brand.^[10]

Wheels Up

A few years after the sale of Marquis Jets, Dichter entered back into the private aviation industry by founding Wheels Up. Instead of being another fractional card program, Wheels Up is a membership based business that charges users per flight hour without spending requirements or time commitments.^[11] In addition to the aviation options, the membership fee includes access to 'Wheels Down' opportunities such as complimentary events, discounts on luxury brands, and more.^[12] Wheels Up membership for individuals or families costs $17,500 (one time initiation fee) with $8,500 yearly dues.^[13]

Before Wheels Up launched, it reached an agreement with airline manufacturer Beechcraft for the sale of 35 King Air 350is with options to purchase up to 70 additional aircraft. This deal, which includes a maintenance and service contract, was estimated to have been worth $1.4 billion, the largest for a fleet of business turboprops ever.^[14]

In February 2016 Wheels Up announced it had raised $115 million dollars in a investment round led by funding from T. Rowe Price, Fidelity Investments, and New Enterprise Associates. According to Dichter, this gave Wheels Up a valuation of $521.5 million.^[15] Dichter has also stated that he believes the company will be worth $1 to $1.5 billion by 2020.^[16]

References