Thursday, August 07 17:32:15
US-based private equity firm Vance Street Capital has said that it had bought Shannon-based aviation coating company Eirtech Aviation for an undisclosed sum.
Vance plans to combine the new business with two existing portfolio companies to create a major international player in aircraft painting and interior care. Terms of the deal were not disclosed.
Vance Street plans to bundle Eirtech with Leading Edge Aviation Services Inc. and Associated Painters Inc. to create a conglomerate called International Aerospace Coatings Holdings.
Eirtech's principals will hold a significant equity stake in International Aerospace Coatings, which will employ 800 people in North America and Europe.
"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," Brian Martin, a principal at Vance Street Capital, said in a statement announcing the deal. "We look forward to supporting the growth and further expansion plans of the combined entity."
"Merging a leading European and U.S. provider was an obvious move," Chief Exective Niall Cunningham of Eirtech said in the statement. "It positions the new entity as an industry leader by size and scale."
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