LA private equity firm swoops to buy Shannon’s Eirtech Aviation
Vance Street did not disclose the price it paid for the Irish company
Eirtech Aviation managing director Niall Cunningham. Photograph: David Sleator
Vance Street did not disclose the price it paid for the Irish company, which employs 250 people and has been previouslyestimated to have an enterprise value of $50 million (€36 million).
Vance plans to combine it with two existing portfolio firms to create an aircraft painting and interior care company called International Aerospace Coatings (IAC). The other two firms are US-based Leading Edge Aviation Services and Associated Painters.
Eirtech’s shareholders – chief executive Niall Cunningham and chief operating officer Peter Collins – will take an equity stake in IAC which, after Eirtech is integrated, will employ 800 people in North America and Europe.
Global leaderBrian Martin
“The aviation sector is not constrained by geographical boundaries and is a dynamic, global industry,” said Mr Cunningham. “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.”
Mr Cunningham, who is in New York, did not comment further.
Eirtech paints aircraft for customers including Etihad and Qatar Airways. In March, its Irish team painted a Qatar Airways plane with the flag of FC Barcelona Partnership to celebrate a sponsorship deal. It also installs aircraft equipment for Southwest and has an asset management business.