Private Equity Firm Buys Painting Specialist IAC

Aviation services provider International Aerospace Coatings (IAC) is under new ownership after being acquired by private equity firm Tiger Infrastructure Partners.

IAC, which has headquarters in Shannon, Ireland with a U.S. base in Irvine, California, operates 18 hangars located at seven airports in Europe and the U.S. Its customer base spans aircraft manufacturers, commercial airlines, lessors, cargo carriers and governments.  

The transaction for the aircraft painting specialist was closed on Monday (Dec. 5) with previous owner private equity firm Vance Street Capital. Shannon-based Eirtech Aviation Services is included as part of the deal.

Los Angeles-based Vance Street Capital first invested in IAC in 2012 before taking a majority stake in Eirtech in 2019. 

Neither party has disclosed an acquisition price.

By acquiring IAC, New York City-headquartered Tiger Infrastructure partners, which focuses on middle-market businesses, has furthered added to its aviation portfolio.

Other aviation assets it has invested in include NorthLink Aviation, which is developing cargo infrastructure at Ted Stevens International Airport in Anchorage, Alaska.

“As a growth-oriented infrastructure investor, we were attracted to IAC because of its compelling growth prospects, leading market position, substantial asset base and long-term relationships that provide barriers to entry, and stable, reoccurring revenues from providing essential services,” says Emil Henry, Jr., CEO of Tiger Infrastructure.  

"With operations in both the United States and Europe, IAC aligns well with Tiger's trans-Atlantic footprint and execution capabilities, which are a source of competitive advantage for us in the middle market."

Martin O'Connell, CEO of IAC who will remain in post following the sale, expects future demand for paint services to be strong and hints the company will look to further expansion in the coming years. 

“We expect a combination of aviation industry tailwinds to drive demand growth for aircraft painting, and in partnership with Tiger, we aim to open new facilities and expand our capacity substantially in the years to come,” says O’Connell, who became IAC’s CEO in early 2022. “By 2027, we anticipate the industry will have a significant shortfall in serving capacity versus annual demand.”