Private equity major Warburg Pincus has agreed to acquire Hong Kong-based Topcast Aviation Supplies, the largest independent aircraft parts distributor and maintenance, repair, and overhaul (MRO) service provider in Asia.
Financial terms were not disclosed. Warburg did not name the seller, but Topcast has been majority-owned by buyout firm Permira since 2019, when the global investment firm bought the business from its founders.
Topcast, founded in 1991, supplies aftermarket and OEM aircraft parts and consumables and provides repair and technical services to airlines, MRO shops, and manufacturers. The company has more than 20 offices across Asia-Pacific, Europe, the Middle East, Africa, and the Americas.
The deal adds to Warburg Pincus’s aerospace portfolio as investors bet on a multi-year upcycle in commercial aviation, driven by fleet expansion, heavy maintenance requirements, and persistent shortages in parts and engine availability.
Its current and former investments include Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Extant Aerospace, TransDigm, Triumph, and Wencor.
A Warburg Pincus spokesperson told DealStreetAsia that the PE firm’s track record in civil aviation and long-term commitment to Asia helped shape its partnership with Topcast.
Warburg said it would support Topcast’s next phase of growth, including strengthening local capabilities in Asia, expanding partnerships with global original equipment manufacturers, and investing further in service infrastructure and digital tools.
Ben Zhou, managing director and co-head of China Private Equity at Warburg Pincus, said Asia Pacific is one of the most dynamic and fast-growing civil aviation markets in the world.
“Topcast has built a strong reputation as a trusted and innovative partner to airlines, MROs, and OEMs, helping to ensure the efficiency, reliability, and safety of the aviation supply chain,” Zhou said.
Topcast chief executive Orson Lo said the firm would continue to invest in personnel, repair capacity, and global operations under the new ownership.
Warburg Pincus currently manages more than $85 billion globally and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Since its inception in 1966, it has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.
In the Asia Pacific region, the firm has over 30 years of local investment experience and has invested about $34 billion in more than 270 companies.
Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, Singapore, and Tokyo.
