(Bloomberg) -- Triumph Group Inc. is exploring options including a sale of the company, in what would be the latest in a string of deals involving aerospace and defense manufacturers, according to people familiar with the situation.

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Triumph, an aircraft components maker, is working with a financial adviser to solicit acquisition interest from strategic buyers as well as private equity firms, said the people, who asked not to be identified discussing confidential matters.

Shares of Triumph rose as much as 26% Thursday, the most since December. They closed up 21% to $14.12, giving the company a market value of almost $1.1 billion.

Deliberations are in the early stage and the company could decide to remain independent, the people said. A representative for Triumph declined to comment.

Triumph offers a range of aftermarket solutions for commercial and military aircraft, including engine parts and integrated systems. Original equipment manufacturers are among the company’s biggest clients.

Earlier this year, the company took steps to become a nimbler aftermarket player by selling its product support arm to rival AAR Corp. for $725 million.

Dealmaking activity in the aerospace and defense industry is on the rise. This year, private equity firm Arcline Investment Management scooped up aircraft parts maker Kaman Corp. for $1.8 billion, while Platinum Equity agreed to acquire Heroux-Devtek for about C$1.35 billion ($980 million).

Shares of the Radnor, Pennsylvania-based company had fallen 30% this year through Wednesday, as pressure on its interiors business stemming from the slowdown in Boeing 737 Max shipments weighed on its interiors business.

Triumph reported a loss in its most recent quarter. Triumph Chief Executive Officer Dan Crowley, who has led the company since 2016, blamed headwinds affecting commercial OEMs and its supply chain.

(Updates with share gain in third paragraph)

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