Tiger Infrastructure Partners has acquired aircraft painting and interior refurbishment services provider International Aerospace Coatings (IAC) for its third mid-market fund.
The manager has invested an undisclosed sum on behalf of the $1.25bn Tiger Infrastructure Partners Fund III fund to buy IAC from private equity firm Vance Street Capital and IAC鈥檚 executive chairman Niall Cunningham.
IAC鈥檚 core business involves aircraft painting, aviation technical services, aircraft interior refurbishment and aircraft graphic solutions.
IAC utilises 18 hangars located at seven airports and two customer sites in the US and Europe to provide services to a customer base in the global aviation industry, including aircraft manufacturers, commercial airlines, aircraft leasing companies, air cargo carriers and governments.
Emil W Henry Jr, CEO of Tiger Infrastructure, said: 鈥淎s a growth-oriented infrastructure investor, we were attracted to IAC because of its compelling growth prospects, leading market position, substantial asset base and long-term relationships that provide barriers to entry, and stable, reoccurring revenues from providing essential services.
鈥淲ith operations in both the United States and Europe, IAC aligns well with Tiger鈥檚 trans-Atlantic footprint and execution capabilities, which are a source of competitive advantage for us in the middle market.鈥�
IAC is the seventh platform investment for the Tiger Infrastructure Partners Fund III fund.
Martin O鈥機onnell, CEO of IAC, said: 鈥淲e are excited to partner with Tiger for IAC鈥檚 next chapter of growth. We expect a combination of aviation industry tailwinds to drive demand growth for aircraft painting, and in partnership with Tiger, we aim to open new facilities and expand our capacity substantially in the years to come.
鈥淏y 2027, we anticipate the industry will have a significant shortfall in serving capacity versus annual demand.鈥�
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