• Deal could be worth $600 mln
• Odyssey bought Wencor in 2010
• Company has annual EBITDA of $50 mln
Buyout firm Odyssey Investment Partners LLC, which acquired Wencor for an undisclosed sum in 2010, has tapped investment bank Harris Williams to help find a buyer, the people said, asking not to be identified because the matter is private.
Wencor could attract interest from bigger industry rivals such as Heico Corp as well as from private equity firms, the people added. Representatives for Odyssey, Wencor, Heico and Harris Williams did not immediately respond to requests for comment.
Based in Springville, Utah, Wencor provides aircraft parts to repair stations, operators of general aviation aircraft and major airlines according to its website.
The company has annual EBITDA of around $50 million and could trade for between 11 and 13 times that amount, some of the people said.
Wencor is the latest portfolio company that Odyssey is looking to sell. In November, the buyout firm struck a deal to sell another one of its portfolio companies, BarrierSafe Solutions International, to Ansell Limited.
Odyssey also sold medical cost containment services company One Call Care Management to another buyout firm, Apax Partners LLP, for more than $2 billion in October. The same month, First Reserve bought TNT Crane & Rigging, one of the largest U.S. crane service providers, from Odyssey.
Soyoung Kim and Greg Roumeliotis are reporters for Reuters News in New York