International Aerospace Coatings (IAC) Group, headquartered in Shannon and Irvine, California, has been acquired by private equity firm Tiger Infrastructure.
The aircraft painting group was formed in 2014 from the merger of three companies acquired by US private equity firm Vance Street Capital.
These included Irish company Eirtech Aviation, which was bought by Vance Street Capital in 2014.
IAC now employs over 1,000 people around the world, including over 250 in Shannon, Ireland.
The group will be led by Martin O’Connell, who joined IAC in 2015 as Chief Financial Officer and took over the top position earlier this year.
Former CEO Niall Cunningham, who ran IAC and used to be a co-owner while it was owned by the Vance Street Company, will also remain with the company.
The value of Tiger Infrastructure Partners’ acquisition was not disclosed, but the transaction is the seventh platform investment for Tiger Infrastructure Partners Fund III.
The fund closed earlier this year at its $1.25 billion (€1.2 billion) cap.
“As a growth-oriented infrastructure investor, we were attracted to IAC by its compelling growth prospects, leading market position, sizeable asset base and stakeholder relationships, and strong balance sheet,” said Emil W. Henry, Jr., Chief Executive of Tiger Infrastructure.
“We expect a combination of tailwinds from the aerospace industry to drive demand growth for aircraft coatings to around 8 percent per year, and working with Tiger we aim to open new facilities and expand our capacity quite significantly in the coming years,” added Herr Oh, Connell.
https://www.independent.ie/business/irish/aviation-services-group-iac-acquired-by-private-equity-firm-42201385.html The aviation services group IAC is taken over by a private equity company