Vance Street Capital has sold International Aerospace Coatings and Eirtech Aviation Services (together IAC Group) to Tiger Infrastructure Partners.
International Aerospace Coatings (IAC) was formed by Vance Street in 2014 to consolidate its Fund I investments in Leading Edge Aviation Services (acquired in 2012), Associated Painters (acquired in 2013), and Eirtech Aviation (acquired in 2014). In 2019, through its second fund, Vance Street acquired Eirtech Aviation Services (EAS) – a distinct but related business to Eirtech Aviation – as a new platform investment.
Today, Irvine, California-headquartered IAC is a provider of aircraft painting, interiors, and graphics to OEM, commercial, military, and general aviation companies; and Shannon, Ireland-headquartered EAS is a specialist aviation services company providing painting, interior refinishing, and graphics to international airlines, private operators and aviation leasing companies predominantly in Europe and the Middle East.
In total, IAC Group has more than 650,000 sq. ft. of climate-controlled paint hangars across 11 facilities across the US and Europe and has capacity for 36 lines of aircraft and processes more than 1,000 paint events per year.
“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,” said Niall Cunningham, the founder of IAC and EAS. “Vance Street partnership has positioned us well for continued future growth with Tiger Infrastructure Partners.”
“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, a 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.”
Los Angeles-based Vance Street makes control investments in North American-based companies with enterprise values of $30 million to $350 million and EBITDA of $3 million to $30 million. Sectors of interest include medical technology, life sciences, industrial technology, and aerospace & defense. More than 90% of Vance Street’s acquisitions are founder-owned businesses or corporate carve-outs.
“We are proud to have played a role in the impressive growth trajectory these businesses have experienced under our ownership,” said Brian Martin, a managing partner at Vance Street. “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.”
In December 2021, Vance Street held a final closing of Vance Street Capital III LP with $432.5 million in commitments, exceeding its target of $375 million. The firm’s earlier fund closed in 2017 with $250 million in capital. Since its founding in 2007, Vance Street has raised $1 billion of committed capital.
Tiger Infrastructure Partners makes control equity investments of $50 million to $150 million in North America and Europe-based middle-market infrastructure companies with a specific interest in digital infrastructure, energy transition and transportation sectors. Tiger has offices in New York City and London.
Jefferies was the financial advisor to IAC Group and Vance Street on this transaction, and Harris Williams was the financial advisor to Tiger Infrastructure Partners.
© 2022 Private Equity Professional | December 8, 2022
Z Capital Partners has acquired Universal Marine Medical Supply International, a provider of pharmaceutical and medical services to the maritime industry serving both commercial and cruise end markets.
“Unimed has built a reputation for providing clients with exceptional value and essential, high-quality medical services, and there are a number of compelling opportunities in today’s fragmented maritime services market to grow its customer base and introduce new innovations,” said James Zenni, the founder, president and chief executive officer of Z Capital. “With Alan Kessman and the Unimed team, we look forward to leveraging new technologies and Z Capital’s deep operational expertise to pursue the vast white space opportunities, further enhance customer service and ensure the health, safety, and compliance of even more ships.”
Protos Security, a portfolio company of Southfield Capital, has completed the add-on acquisitions of Blue Star Security, ControlByNet, and MG Security Services.
“The strategic acquisition of MG Security adds significant scale to Protos’ direct guard operations and further diversifies Protos’ offering to the marketplace,” said Andy Cook, a partner at Southfield Capital. “MG Security further unlocks growth potential in attractive end markets such as healthcare while expanding the geographic footprint of Protos on a national level. We believe this partnership will create significant value for our clients and will further position us as the industry’s leading provider of security solutions.”
“The strategic acquisition of Blue Star marks the third acquisition for Protos in 2022,” said Brandon Pinderhughes, a principal at Southfield Capital. “As Protos continues to grow through both organic and acquisition channels, we will continue to expand our North American footprint while providing value to the customers and communities we serve.”
Monroe Capital (NASDAQ: MRCC) provides senior and junior debt financing to middle-market businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset-based, and enterprise value-based loans; and equity co-investments. Monroe has $12.7 billion of assets under management across a range of strategies – including direct lending, asset-based lending, specialty finance, opportunistic and structured credit, and equity. The firm was founded in 2004 and is headquartered in Chicago with additional offices in Atlanta, Boston, Los Angeles, Miami, Naples, New York, San Francisco, and Seoul.
“We are honored and grateful for the close partnership formed with our long-term investors, and humbled by their continued support of our organization,” said Orlando Bravo, a founder and managing partner at Thoma Bravo. “This fundraise will enable us to further our strategy of collaborating with management teams to build leading software companies. Having invested in more than 400 companies, we have seen firsthand how our partnership with management teams can turn great innovators into great companies, yielding fantastic results.”
“We are energized by our investors’ strong support of the largest fundraise in Thoma Bravo’s history, and of the largest tech fund ever raised, all against the backdrop of a challenging economic and geopolitical environment,” said Jennifer James, a managing director, chief operating officer and the head of investor relations and marketing at Thoma Bravo. “We thank our investors for their continued confidence in Thoma Bravo.”
