A Warburg official declined to comment. A Citigroup official did not respond to a request for comment.
The firm has been prepping a potential auction for the business, which Warburg purchased for $800 million in 2014.
Citigroup Inc. has been awarded the mandate for an auction of aircraft parts maker and distributor Wencor Group LLC, The Deal has learned.
Warburg Pincus LLC engaged the bank to explore a potential sale of the business, and the firm is in the prep phase, two sources familiar with the matter said. The business generates Ebitda in the range of $100 million to $125 million, the sources added.
Peachtree City, Ga.-based Wencor Group provides aftermarket parts distribution and repairs to commercial and military airlines and maintenance providers. The company, which has been in business since 1955, moved its headquarters from Springville, Utah in 2015.
Warburg purchased the business from Odyssey Investment Partners LLC in 2014 for $800 million. Bloomberg reported earlier in October that Warburg was working with undisclosed advisers on a review of its options for Wencor and said the business could be valued at up to $1.5 billion in a sale.
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