Shannon-based International Aerospace Coatings (IAC Group) has been acquired by private equity firm Tiger Infrastructure Partners for an undisclosed some.
The aviation services provider, which also has a headquarters in California, has a portfolio of 18 aircraft hangars at seven airports and two customers sites in the US and Europe, providing services to the global aviation industry.
The company offers aircraft painting interior refurbishment and graphic solutions as well as technical services. It also provides engineering services and asset managment solutions for compliance through its Eirtech Aviation Services (EAS) subsidiary.
IAC Group's clients include aircraft manufacturers, commercial airlines, aircraft leasing companies, air cargo carriers and governments, and the company employs more than 1,000 people worldwide, including over 250 in Shannon.
“As a growth-oriented infrastructure investor, we were attracted to IAC because of its compelling growth prospects, leading market position, substantial asset base and stakeholder relationships along with its strong balance sheet,” said Emil W Henry Jr, CEO of Tiger Infrastructure.
In Association with
“With operations in both the United States and Europe, IAC aligns well with Tiger’s trans-Atlantic footprint and capabilities, which are a source of competitive advantage for us in the markets in which we operate.”
Tiger invests in digital infrastructure, energy transition and transportation in North America and Europe.
“We are excited to partner with Tiger for IAC’s next chapter of growth,” said Martin O’Connell, CEO of IAC Group.
“We expect a combination of aviation industry tailwinds to drive demand growth for aircraft painting at around 8% per annum and, in partnership with Tiger, we aim to open new facilities and expand our capacity quite substantially in the years to come.
"By 2027 we anticipate the industry will have a significant shortfall in serving capacity versus annual demand, and we will be well placed to fulfil that demand.”
International Aerospace Coatings Ltd operates hangars at Dublin and Shannon airports. The company made a profit of €1.9m last year after reporting a loss of €1.6m in 2020.
Turnover at IAC rose from €17.9m to €26.4m in 2021, and the group had net assets of €11m last December. The company employs 136 people, including 100 in production and 33 in administration, and its staff costs totalled €6.6m.
IAC also has subsidiaries in the Czech Republic, Italy and Assia, and directors' remuneration amounted to €860,000 last year.
(Pic: IAC Group)
