H.I.G. Capital announced that one of its affiliates has completed the acquisition of International Aerospace Coatings (IAC).
Headquartered in Irvine and Shannon, IAC is a provider of aircraft painting solutions for original equipment manufacturers, airlines, operators, and maintenance, repair, and overhaul providers. The company also offers engineering and advanced asset management solutions through its Eirtech Aviation Services division. IAC operates 25 hangars across 11 sites in the U.S. and Europe.
Martin O’Connell said the partnership with H.I.G. is expected to help the company scale operations to meet growing demand for aircraft painting services. The company plans to expand its geographic footprint, invest in additional hangar capacity, and pursue selective add-on acquisitions.
Doug Berman said IAC has established a strong reputation for quality, reliability, and customer service, adding that the company is well-positioned to continue gaining market share as airlines, OEMs, lessors, and operators prioritize turnaround time and consistency.
RBC Capital Markets served as financial advisor to H.I.G., while Ropes & Gray LLP acted as legal counsel. Jefferies LLC served as financial advisor to IAC, and Latham & Watkins LLP acted as legal counsel.
Founded in 1980, IAC provides aircraft painting and aviation services through long-term contractual agreements and recurring aircraft service cycles that provide significant revenue visibility.
Founded in 1993, H.I.G. manages approximately $75 billion in capital and invests across private equity, debt, real estate, and infrastructure strategies. The firm has invested in and managed more than 400 companies globally, with its current portfolio including more than 100 companies generating combined sales exceeding $53 billion.
KEY QUOTES:
“We are thrilled to welcome H.I.G. as a partner, as we scale IAC to meet growing demand for high-quality aircraft painting services. With H.I.G.’s experience and resources, we plan to expand our geographic footprint, invest in additional hangar capacity, and selectively pursue add-on acquisitions.”
Martin O’Connell, Chief Executive Officer, International Aerospace Coatings
“IAC has built an outstanding reputation for quality, reliability, and customer service. We are pleased to partner with IAC and believe the Company is well positioned to continue gaining share as airlines, OEMs, lessors, and operators prioritize quality, turnaround time, and consistency.”
Doug Berman, Co-President, H.I.G. Capital
