• Novaria generates around USD 125m in EBITDA
• Sponsors showing interest

KKR recently distributed books to prospective buyers in the sale of portfolio company Novaria Group, said four sources familiar with the matter.

This news service reported last month that KKR hired Morgan Stanley to lead the sale effort of the Fort Worth, Texas-based precision aerospace components maker.

Novaria generates around USD 125m in EBITDA, three of the sources said. The four sources said KKR is expecting an EBITDA multiple in the teens in the sale of Novaria.

Sponsors are showing interest in Novaria, two of the sources said. Private equity firms and strategics were expected to show interest in Novaria Group, as reported. For this report, three sources said Blackstone is considered to be a potential acquirer. Two of the sources noted Blackstone is on the lookout for aerospace buys, as evidenced by its pursuit of West Star Aviation. Two sources also named Veritas Capital as a potential buyer.

Greenbriar Equity acquired West Star Aviation from The Sterling Group in May for around USD 1.5bn at a 15x EBITDA multiple, as reported.

KKR acquired Novaria Group in 2019 and has since made over a dozen add-ons, including Caliber Aero, Anillo Industries and its recent July acquisition of Precision Aero.

KKR and Morgan Stanley declined to comment. Novaria, Blackstone and Veritas Capital did not return requests for comment.