Tiger Infrastructure Partners, a private equity infrastructure investor, has announced the acquisition of International Aerospace Coatings (IAC) Group, which includes Eirtech Aviation Services.
The aviation services provider is headquartered in Shannon - and Irvine, California.
It employs more than 1,000 people worldwide, including more than 250 in Shannon.
IAC's 18 aircraft hangars are located at seven airports and two customer sites in the United States and Europe.
The group provides services to customers in the global aviation industry, including aircraft manufacturers, commercial airlines, aircraft leasing companies, air cargo carriers and governments.
"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.
IAC's core business involves aircraft painting, aviation technical services, aircraft interior refurbishment and aircraft graphic solutions.
Aircraft are typically painted for corrosion protection and branding purposes every 5-7 years.
"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," he added.
