HEICO acquires Wencor Group for $2.05B ($1.9B cash + $150M stock), its largest deal

HEICO CORP

Acquisition valued at $2.05 billion: $1.9B cash and $150M in HEICO Class A Common Stock at closing.
Wencor projected to generate ~$724M revenue and ~$153M adjusted EBITDA in CY2023; effective purchase multiple ~12.9x.
Expected tax benefits of ~$75M through FY2038; accretion expected within one year of closing.
Closing expected by end of calendar 2023, subject to antitrust clearance; Wencor will join Flight Support Group.
HEICO anticipates net debt-to-EBITDA leverage below 3:1 post-closing, returning to historical levels within 12-18 months.

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