Warburg Pincus near deal to acquire Wencor

Target: Wencor Group LLC

Price: $800 million to $900 million

Sponsor: Warburg Pincus LLC

Seller: Odyssey Investment Partners LLC

Financial Adviser: Harris Williams & Co

Warburg Pincus is working to finalize a purchase agreement this week with Wencor’s current private equity owner, Odyssey Investment Partners LLC, after prevailing over private equity rivals in the auction for the company, the people told sister news service Reuters. The sources asked not to be identified because the negotiations are private.

Warburg Pincus and Odyssey declined to comment, while a Wencor spokeswoman did not respond to a request 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. Odyssey, which acquired Wencor in 2010 for an undisclosed amount, tapped investment bank Harris Williams & Co to help find a buyer, Reuters reported in December.

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 Ltd.

Odyssey also agreed to sell medical cost containment services company One Call Care Management Inc to another buyout firm, Apax Partners LLP, for more than $2 billion in October. The same month, First Reserve agreed to buy TNT Crane & Rigging Inc, one of the largest U.S. crane service providers, from Odyssey.

Soyoung Kim and Greg Roumeliotis are correspondents for Reuters in New York. Additional reporting by Mike Stone.