Vance Street Capital has acquired Eirtech Aviation, a provider of aviation coating services. With the closing of the acquisition, Eirtech will be combined with existing Vance Street portfolio companies, Leading Edge Aviation Services and Associated Painters, under a new platform called International Aerospace Coatings. Vance Street Capital acquired Leading Edge in April 2012 and Associated Painters in March 2013.
Eirtech Aviation 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. The company is headquartered in Shannon, Ireland (www.eirtechaviation.ie).
Leading Edge and sister company, Associated Painters, are OEM, commercial, military and VIP aircraft painting companies. To date, the companies have refinished nearly 10,000 aircraft and currently refinish over 500 aircraft per year across all locations. The companies are headquartered in Costa Mesa, CA, with operations in eight facilities across the US (www.leadingedgecorp.com) (www.associatedpaintersinc.com).
The formation of International Aerospace Coatings creates a global provider of aviation coating services, including exterior and interior aircraft painting, aircraft refurbishment and provision of aircraft graphics. 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 aviation services to aircraft original equipment manufacturers (OEMs), commercial airlines, private operators, aircraft leasing companies and military customers.
“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 US provider was an obvious move. It positions the new entity as an industry leader by size and scale.”
Vance Street Capital makes control investments in companies with enterprise values up to $200 million. Sectors of interest include precision industrial manufacturing, aerospace & defense, and medical components & devices. The firm is based in Los Angeles (www.vancestreetcapital.com).
“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.”
“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 US and Europe, and our increased ability to cost effectively serve their needs at hangar locations around the world.”
2014 PEPD • Private Equity’s Leading News Magazine • 8-7-14
