Article
Sale of KKR-Backed Novaria Group Reaches Late Stages
Novaria Group, an aerospace engineering company owned by KKR, has reached the later stages of its Morgan Stanley-led sale process, according to sources.
Management presentations were being held as of last month, according to the sources. It is unclear which bidders remain, though sponsors and strategics made it into the second round, the sources said.
Novaria was founded in 2011 by CEO Bryan Perkins. It offers aerospace and defense-related products and services through various subsidiaries, such as component manufacturers Acra Aerospace and Caliber Aero.
Sources indicated that Novaria generates EBITDA in the range of $125 million.
KKR has owned Novaria since 2019, when it bought the company from Rosewood Private Investments and Tailwind Advisors for undisclosed terms. Since then, it has made several acquisitions, including Precision Aero Corp., Hohman Plating, Stroco Manufacturing and Anillo Industries, among others.
Other sponsors investing in aviation services companies include The Sterling Group, which sold maintenance, repair and operations company West Star Aviation to Greenbriar Equity Group for undisclosed terms earlier this year.
Octus’ BDC Database shows that Novaria Group has a SOFR+325 bps first lien term loan maturing in June 2031. Blue Owl Credit Income Corp., Audax Credit BDC and Bain Capital Private Credit were listed as debtholders as of August.
KKR declined to comment. Novaria Group and Morgan Stanley did not respond to requests for comment.
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