M&A Deal Summary

HEICO Acquires Wencor Group

On May 15, 2023, HEICO acquired aerospace company Wencor Group from Warburg Pincus for 2.1B USD

Acquisition Highlights
  • This is HEICO’s 15th transaction in the Aerospace sector.
  • This is HEICO’s largest (disclosed) transaction.
  • This is HEICO’s 44th transaction in the United States.
  • This is HEICO’s 1st transaction in Utah.

M&A Deal Summary
Date 2023-05-15
Target Wencor Group
Sector Aerospace
Buyer(s) HEICO
Sellers(s) Warburg Pincus
Deal Type Add-on Acquisition
Deal Value 2.1B USD
Advisor(s) Citi
Jefferies
William Blair
Alderman & Company (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Wencor Group

Springville, Utah, United States
Wencor Group manufactures, repairs and distributes aircraft parts for operators, repair stations and manufacturers across the globe. Wencor Group provides CMM and DER repairs for components and piece parts. Wencor Group also distributes a wide variety of aftermarket parts including bearings, seals, hardware, filters, electrical components, lighting, and interiors. Wencor Group also provides targeted solutions for both US and foreign militaries. Wencor Group was formed in 1955 and is based in Springville, Utah.

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Buyer(S) 1

Buyer

HEICO

Hollywood, Florida, United States
Category Company
Founded 1957
Sector Aerospace
Employees9,600
Revenue 3.0B USD (2023)
DESCRIPTION
HEICO's corporate headquarters in Hollywood, Florida.
HEICO's corporate headquarters in Hollywood, Florida.

HEICO is a manufacturer of FAA-approved jet engine and aircraft component replacement parts. HEICO is also a manufacturer of various types of electronic equipment for the aviation, defense, space, medical, telecommunications, and electronics industries. HEICO was founded in 1957 and is based in Hollywood, Florida.

DEAL STATS #
Overall 48 of 50
Sector (Aerospace) 15 of 16
Type (Add-on Acquisition) 45 of 47
State (Utah) 1 of 1
Country (United States) 44 of 46
Year (2023) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Ironwood Electronics

Eagan, Minnesota, United States

Ironwood Electronics is a designer and manufacturer of high performance test sockets and adapters for both engineering and production use of semiconductor devices. Its products are utilized by, among others, semiconductor designers and manufacturers for critical validation and testing, as well as additional applications. Ironwood Electronics was founded n 1986 and is based in Eagan, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-01 Marway

Santa Ana, California, United States

Marway is a designer and manufacturer of power distribution solutions for mission-critical systems deployed in defense, aerospace, communications, test & measurement, and industrial applications on land, air, and sea. Its primary products are power distribution units, power supplies, automatic transfer switches and related control panels. Marway was formed in 1980 and is based in Santa Ana, California.

Buy -

Seller(S) 1

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 245 of 251
Sector (Aerospace) 4 of 4
Type (Add-on Acquisition) 87 of 90
State (Utah) 2 of 2
Country (United States) 135 of 137
Year (2023) 4 of 8
Size (of disclosed) 11 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-08 Simtra BioPharma Solutions

Deerfield, Illinois, United States

Simtra BioPharma Solutions partners with pharmaceutical companies to support their commercialization objectives by providing scientific expertise, sterile contract manufacturing solutions, parenteral delivery systems, and customized support services needed to meet the unique challenges that parenteral products face. Simtra BioPharma Solutions is based in Deerfield, Illinois.

Buy $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-17 Docebo

Toronto, Ontario, Canada

Docebo is a provider of Software-as-a-Service (SaaS) enterprise learning management system (LMS) is sold in more than 80 countries. Established in 2005, Docebo (Latin for “I will teach”) has more than 28,000 installations and offers an enterprise solution for mid-size to large organizations. Customers benefit from Docebo solutions thanks to a scalable pricing model, a third party integration (via API), and reliable service available 24/7 to further enhance the user experience. Docebo was incorporated in 2005 and is based in Toronto, Ontario.

Buy -
Mergr

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Legal