Eirtech Will be Combined with Existing Vance Street Portfolio Company to Create a Leading Global Provider of Exterior Aviation Coating Services. The Combined Company Forms International Aerospace Coatings Holdings LP
LOS ANGELES – August 6, 2014 – Vance Street Capital LLC, a Los Angeles-based private equity firm, and its affiliates, announced today that they have acquired Eirtech Aviation (“Eirtech”), a specialist aviation coating services company headquartered in Shannon, Ireland. Eirtech, together with existing Vance Street portfolio companies Leading Edge Aviation Services, Inc. (“Leading Edge”) and Associated Painters, Inc., will form International Aerospace Coatings Holdings LP. The combined entity creates a leading global provider of aviation coating services, including exterior and interior aircraft painting, aircraft refurbishment and provision of aircraft graphics. The principals of Eirtech Aviation will maintain a substantial ownership stake in the combined business. Terms of the transaction were not disclosed.
The newly merged company employs approximately 800 people across Europe and North America. Leading Edge, Associated Painters and Eirtech will continue to operate under their respective brand names and existing management teams in their geographies and provide outstanding aviation services to the world’s leading aircraft original equipment manufacturers (OEMs), commercial airlines, private operators, aircraft leasing companies and military customers.
Vance Street Capital acquired Leading Edge in April 2012. In March 2013, Vance Street Capital acquired Associated Painters which expanded Leading Edge’s geographic reach within the U.S., while also increasing its capabilities and customer base.
“We are excited to partner with Eirtech Aviation and bring it together with Leading Edge to create a unique and strategic global leader in exterior aviation coating services,” said Brian Martin, principal at Vance Street Capital. “We look forward to supporting the growth and further expansion plans of the combined entity.”
“The aviation sector is not constrained by geographical boundaries and is a dynamic, global industry,” said Niall Cunningham, chief executive officer of Eirtech Aviation. “It therefore follows that aviation service providers will adopt similar global models. Merging a leading European and U.S. provider was an obvious move. It positions the new entity as an industry leader by size and scale.”
“Our two companies share an unrelenting commitment to providing customers with the highest possible quality of service, while also meeting their needs for quick turnaround times and flexibility,” said Jude Dozor, chief executive officer of Leading Edge. “As a combined company, our customers will benefit greatly from our extended reach across the U.S. and Europe, and our increased ability to cost effectively serve their needs at hangar locations around the world.”