New York private equity firm Warburg Pincus is buying aerospace parts supplier Wencor Group LLC for an undisclosed amount.
Wencor designs, repairs and distributes aerospace parts to a variety of customers operating in the commercial, military and general aviation sectors. The Springville, Utah company is being sold by Odyssey Investment Partners LLC.
Warburg plans for Wencor to develop new product and repair offerings in order to grow. The deal, which is subject to regulatory approval, is expected to close in the second quarter.
The buyer has about $37 billion in assets under management, and about 120 portfolio companies. In January, the firm agreed to sell JHP Group Holdings, a specialty pharmaceutical company. The firm closed an $11.2 billion fund in May 2013.
Odyssey, also a New York-based private equity firm, closed a $2 billion fundin February. The firm focuses on investing in industrial manufacturing, business and insurance services, aerospace and defense, route-based businesses, supply-chain management, energy products and rental businesses.
Harris Williams & Co. was Wencor's financial adviser, while Gibson Dunn acted as legal counsel. Credit Suisse, Deutsche Bank and Goldman Sachs were Warburg's financial advisers on the deal, while Clearly Gottlieb Steen & Hamilton LLP and Sutherland Asbill & Brennan provided legal advice.
Other recent aerospace deals include Sumitomo Bakelite Co. Ltd.'s April purchase of Vaupell Holdings, which makes interior parts for the aerospace industry, and Audax Group's April deal for Luminator Technology Group LLC, which makes illuminated display lighting for several sectors, including the aerospace market.