HEICO announced today that it has entered into an agreement to acquire the Wencor Group. Wencor will become part of HEICO’s Flight Support Group.
Both companies are among MARPA’s founding members.
Heico annouced that it will pay $2.05 billion for Wencor – $1.9 billion in cash and $150 million in HEICO Class A Common Stock. This will be Heico’s largest transaction in both purchase price, and in revenues and income acquired.
Wencor is now based in Peachtree City, GA and employs about 1,000 people in 19 facilities around the United States. HEICO has about 9,000 employees at over 100 facilities worldwide.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, along with Eric A. Mendelson, HEICO’s Co-President and Chief Executive Officer of its Flight Support Group, together remarked:
“Our Flight Support Group has for decades provided high-quality and reliable cost-saving products and services to the commercial aircraft and defense aftermarkets. The Wencor acquisition materially expands HEICO’s aftermarket product offerings, enabling the combined company to offer even greater savings and capabilities to its customers, while expanding our new products and services development capacity. Wencor is a perfect and highly complementary fit with HEICO.
Importantly, we look forward to welcoming Wencor’s Team Members to the HEICO family and to working with Wencor’s talented leadership team led by Shawn Trogdon, who will continue to lead the business.”
Shawn Trogdon, Wencor’s Chief Executive Officer, remarked,
“I am excited about the opportunity to combine HEICO and Wencor’s impressive teams who share the same culture and commitment to our customers, suppliers and employees. The unmatched combination will further accelerate growth, innovation, and development of highly reliable cost-saving solutions for our customers. I am proud of our team’s achievements to date and look forward to continuing our journey of growth with HEICO. I want to thank the Warburg Pincus team for their support and partnership that has helped enable our success.”
Closing is subject to customary closing conditions, including, among other things, antitrust clearance. The parties anticipate closing the transaction by the end of calendar 2023.
More details are available in the Heico press release.
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