Vance Street Capital LLC (“Vance Street”) is pleased to announce it has completed the simultaneous sale of International Aerospace Coatings (“IAC”) and Eirtech Aviation Services (“EAS”) to Tiger Infrastructure Partners (“Tiger”), a middle market growth infrastructure investor. Together, IAC and EAS comprise a market leading aviation aftermarket solutions provider. Headquartered in Shannon, Ireland and Irvine, California, IAC and EAS provide essential services to a diverse and durable customer base in the global aviation industry, including aircraft manufacturers, commercial airlines, aircraft leasing companies, air cargo carriers and governments.
Vance Street first invested in IAC through its first fund (“Fund I”) in 2012 in partnership with management. With investments in organic growth initiatives and strategic add-on acquisitions, Vance Street helped transform and scale the business from a niche, US-focused provider of aftermarket aircraft painting services into a diversified leader in the aircraft coatings market with a broad global footprint. In 2019, Vance Street acquired a majority interest in IAC’s sister entity, EAS, through its second fund (“Fund II”). EAS provides complementary engineering services, asset management solutions, and proprietary aftermarket parts to help customers ensure regulatory compliance worldwide. This transaction marks the final exit of Vance Street’s Fund I and fourth realization out of Vance Street Fund II. Terms of the transaction were not disclosed.
“Our investments in IAC and EAS are another great example of Vance Street’s investment thesis around transforming unique, founder-owned businesses into strategic assets,” said Nic Janneck, Partner at Vance Street. “From the outset of our involvement in IAC, we were focused on executing our roadmap and delivering financial, operational and strategic support to management to create a leader in the global aftermarket aviation services market.” Brian Martin, Managing Partner at Vance Street, added, “We are proud to have played a role in the impressive growth trajectory these businesses have experienced under our ownership. We want to thank the entire management team for their hard work and the significant role they played in transforming the company into the industry leader it is today.”
Niall Cunningham, founder of IAC and EAS, said, “Vance Street’s commitment to our long-term success has been evidenced by the substantial investments they have made in our facilities, capabilities, and employees. Vance Street partnership has positioned us well for continued future growth with Tiger Infrastructure Partners.”
O’Melveny & Myers LLP acted as legal advisor to IAC Group and Vance Street Capital. Jefferies served as financial advisor to IAC Group and Vance Street Capital on the transaction. Harris Williams served as financial advisor to Tiger and Winston & Strawn LLP served as lead legal counsel.