HEICO Corporation Agrees to Make Major and Highly Complementary Acquisition - Seite 2

Following the acquisition's completion, HEICO anticipates its net debt-to-EBITDA leverage ratio will be below 3:1 and will return to its historical levels within roughly a year to eighteen months after the acquisition, before taking into account future acquisitions and other possible capital deployment activities.

HEICO stated that it believes its Flight Support Group will achieve meaningful synergies from the acquisition, though it is not now providing details on those likely synergies. HEICO's Flight Support Group has successfully achieved significant financial and other synergies from acquisitions of other businesses over many years.

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."

"We are proud of the transformative growth of Wencor and significant expansion and deepening of capabilities during our ownership period. The company is very well positioned for future growth, and we wish Shawn and the entire Wencor team continued success. As growth investors, we feel privileged to have supported Wencor in building a leading design, repair provider and distributor of aftermarket aerospace components," said Dan Zamlong, Managing Director, Warburg Pincus.