Warburg Pincus nears deal for aircraft parts maker Wencor-sources

NEW YORK Tue May 20, 2014 4:53pm EDT

NEW YORK May 20 (Reuters) - Private equity firm Warburg Pincus LLC is close to a deal to acquire Wencor Group LLC, a manufacturer of commercial aircraft parts, for between $800 million and $900 million, people familiar with the matter said on Tuesday.

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 said.

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. (Additional reporting by Mike Stone in New York; Editing by Eric Walsh)