AllClear Aerospace & Defense, an Odyssey Investment Partners-backed provider of military aircraft sustainment services, is exploring a sale, said three sources familiar with the matter.

The Miramar, Florida-based company is working with financial advisor Lazard on the sale, two of the sources said. These sources said AllClear is expected to generate around USD 35m in EBITDA this year. Books have not yet been distributed to prospective buyers, they added.

AllClear is expected to generate interest from strategics and private equity firms, the two sources said. One of these sources and the third source familiar said aerospace strategics such as AAR [NYSE:AIR] and HEICO [NYSE:HEI, NYSE:HEI.A] could make sense as potential buyers.

AAR agreed to acquire Triumph Product Support, a provider of specialized maintenance, repair and overhaul (MRO) capabilities for critical aircraft components, from Triumph Group [NYSE:TGI] in December 2023 for USD 725m. HEICO acquired aircraft parts company Wencor last year for USD 2.05bn. Wencor makes, repairs and distributes aftermarket replacement components for commercial airlines and MRO providers.

AllClear distributes parts and provides repairs for military aircraft.

Odyssey Investment Partners acquired Aero Precision in 2016 from Berkley Capital-backed Greenwich AeroGroup for USD 253.1m. Aero Precision acquired Kellstrom Defense from Dubin Clark & Company in March 2020 for an undisclosed amount. In August 2020, Aero Precision/Kellstrom Defense announced it would operate under a new name, AllClear.

Lazard declined to comment. AllClear and Odyssey Investment Partners did not return requests for comment.