Clare-based multinational IAC bought by private equity firm

The aviation services provider is headquartered in Shannon and in California

IAC headquarters in Shannon, Co Clare. IAC has a portfolio of 18 aircraft hangars located at seven airports and two customer sites in the US and Europe.

Shannon-based multinational Aerospace Coatings (IAC) Group was acquired by private equity infrastructure investment firm Tiger Infrastructure Partners for an undisclosed sum.

IAC is a leading aviation services provider headquartered in Shannon, Co Clare, and California that has a portfolio of 18 aircraft hangars located at seven airports and two customer sites in the US and Europe.

“We are excited to partner with Tiger for IAC’s next chapter of growth,” said Martin O’Connell, CEO of IAC Group.

“We expect a combination of aviation industry tailwinds to drive demand growth for aircraft painting at around 8% per annum and, in partnership with Tiger, we aim to open new facilities and expand our capacity quite substantially in the years to come,” he added.

IAC anticipates the industry will have a “significant shortfall in serving capacity” versus annual demand by 2027, and through this deal the company “will be well placed to fulfil that demand”.

IAC provides services to customers in the global aviation industry, including aircraft manufacturers, commercial airlines, aircraft leasing companies, air cargo carriers, and governments.

IAC Group employs more than 1,000 people worldwide, including more than 250 in Shannon.

'Compelling growth'

“As a growth-oriented infrastructure investor, we were attracted to IAC because of its compelling growth prospects, leading market position, substantial asset base, and stakeholder relationships along with its strong balance sheet,” said Emil W Henry Jr, CEO of Tiger.

IAC is the seventh platform investment for Tiger Infrastructure Partners Fund III, which closed at its hard cap of $1.25bn (€1.19bn) in early 2022. Fund III has previously completed six other middle market growth investments across the digital infrastructure, energy transition, and transportation sectors in North America and Europe.