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

Eirtech Aviation managing director Niall Cunningham. Photograph: David Sleator

 
VanceEirtech Aviation

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 leader

Brian 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.

Czech Republic

Italy

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.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.