News Column

Warburg Pincus To Acquire Wencor Group From Odyssey Investment Partners

June 7, 2014

By a News Reporter-Staff News Editor at Journal of Transportation -- Warburg Pincus, a leading global private equity firm, announced it has entered into a definitive agreement whereby one of its affiliates will acquire Wencor Group, LLC ("Wencor" or "the Company"), a leading designer, repair provider and distributor of aftermarket aerospace components, from Odyssey Investment Partners, LLC. Terms of the transaction were not disclosed.

Headquartered in Springville, Utah, Wencor is a market-leading provider of aftermarket components to the commercial, military and general aviation aircraft sectors. Customers include commercial airlines and maintenance, repair and overhaul ("MRO") providers. The Company's component design and proprietary repair capabilities allow it to provide lower cost maintenance alternatives to airline and MRO customers for their replacement part and repair needs. Wencor's aftermarket distribution business provides a channel to more than 3,700 customers around the world.

"We are excited to have Warburg Pincus as our partner for the next chapter in the company's growth given their deep aerospace investing experience and focus on supporting growing businesses. We thank Odyssey for their partnership and support, and we are well positioned to continue to add to our component capabilities to serve the needs of our customers," said Greg Beason, CEO of Wencor Group.

Dan Zamlong, Managing Director at Warburg Pincus said, "We are very pleased to partner with Greg and the Wencor management team and believe there is significant opportunity to build on Wencor's success by developing new product and repair offerings. Wencor offers airline and MRO customers a compelling source for aftermarket components and repairs and we look forward to working with the management team to pursue organic and acquisition growth initiatives."

Bill Hopkins, a Managing Principal and Co-President of Odyssey Investment Partners, said, "It was a pleasure to partner with Greg Beason and his team during our ownership. They did an extraordinary job of growing the breadth of Wencor's products and services while further enhancing its reputation as a leader in the aerospace aftermarket. We believe there are many exciting growth opportunities ahead for Greg and Wencor under Warburg Pincus' ownership, and we wish them the best."

The transaction, which is expected to close in the second quarter of 2014, is subject to customary regulatory approvals.

Gibson Dunn served as Wencor's legal counsel. Cleary Gottlieb Steen & Hamilton LLP and Sutherland Asbill & Brennan advised Warburg Pincus. Harris Williams & Co. acted as financial advisors to Wencor. Credit Suisse, Deutsche Bank and Goldman Sachs acted as financial advisors to Warburg Pincus.

Keywords for this news article include: Airlines, Transportation, Warburg Pincus Llc.

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Source: Journal of Transportation

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