Fri, 08/08/2014 - 06:00
Los Angeles-based private equity firm Vance Street Capital and its affiliates have acquired Eirtech Aviation, a specialist aviation coating services company headquartered in Shannon, Ireland.
Eirtech will be combined with existing Vance Street portfolio companies, Leading Edge Aviation Services and Associated Painters, to form International Aerospace Coatings.
The combined entity creates a 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 have not been 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.
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 US, 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,” says 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,” says 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 US 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,” says Jude Dozor, chief executive officer of Leading Edge. “As a combined company, our customers will benefit greatly from our extended reach across the US and Europe, and our increased ability to cost effectively serve their needs at hangar locations around the world.”
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