VSE (VSEC) agreed to sell its Wheeler Fleet Solutions business to private equity firm One Equity Partners for up to $230 million.

The deal comprises a $140 million cash payment at closing, a $25 million seller note and additional contingent earnout consideration of up to $65 million, VSE said Tuesday in a statement.

The deal is expected to close in Q2, the company said.

The sale will complete the "portfolio transformation to a pure-play aviation aftermarket parts and services provider," VSE said.

The Fleet Solutions business employs 385 people across three primary distribution centers in Pennsylvania, Mississippi and Texas, One Equity Partners said in a statement.

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