Vance Street Capital Acquires Eirtech Aviation
Eirtech Will be Combined with Existing Vance Street Portfolio Company to Create a Leading Global Provider of Exterior Aviation Coating Services
Combined Company Forms International Aerospace Coatings Holdings LP
LOS ANGELES, August 6, 2014-- Vance Street Capital LLC, a Los Angeles-based private equity firm, and its affiliates, announced today that they have acquired Eirtech Aviation (“Eirtech”), a specialist aviation coating services company headquartered in Shannon, Ireland. Eirtech, together with existing Vance Street portfolio companies Leading Edge Aviation Services, Inc. (“Leading Edge”) and Associated Painters, Inc., will form International Aerospace Coatings Holdings LP. The combined entity creates a leading global provider of aviation coating services, including exterior and interior aircraft painting, aircraft refurbishment and provision of aircraft graphics. The principals of Eirtech Aviation will maintain a substantial ownership stake in the combined business. Terms of the transaction were not disclosed.
The newly merged company employs approximately 800 people across Europe and North America. Leading Edge, Associated Painters and Eirtech will continue to operate under their respective brand names and existing management teams in their geographies and provide outstanding aviation services to the world’s leading aircraft original equipment manufacturers (OEMs), commercial airlines, private operators, aircraft leasing companies and military customers.
Vance Street Capital acquired Leading Edge in April 2012. In March 2013, Vance Street Capital acquired Associated Painters which expanded Leading Edge’s geographic reach within the U.S., while also increasing its capabilities and customer base.
“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,” said Brian Martin, principal at Vance Street Capital. “We look forward to supporting the growth and further expansion plans of the combined entity.”
“The aviation sector is not constrained by geographical boundaries and is a dynamic, global industry,” said Niall Cunningham, chief executive officer of Eirtech Aviation. “It therefore follows that aviation service providers will adopt similar global models. Merging a leading European and U.S. provider was an obvious move. It positions the new entity as an industry leader by size and scale.”
“Our two companies share an unrelenting commitment to providing customers with the highest possible quality of service, while also meeting their needs for quick turnaround times and flexibility,” said Jude Dozor, chief executive officer of Leading Edge. “As a combined company, our customers will benefit greatly from our extended reach across the U.S. and Europe, and our increased ability to cost effectively serve their needs at hangar locations around the world.”
About Eirtech Aviation
Eirtech Aviation is a specialist aviation services company providing painting, interior refinishing and graphics to international airlines, private operators and aviation leasing companies predominantly in Europe and the Middle East. Following its establishment in Shannon, Ireland, Eirtech Aviation opened its second aircraft hangar at Dublin airport in 2010, before further expanding operations into the Czech Republic, Italy as part of its on-going expansion plan. For more information please visit: www.eirtechaviation.ie.
About Leading Edge Aviation Services, Inc./Associated Painters, Inc.
Headquartered in Costa Mesa, CA, with operations in eight state-of-the-art facilities across the U.S., Leading Edge and sister company, Associated Painters, are the leading OEM, commercial, military and VIP aircraft painting companies in North America. To date, the companies have refinished nearly 10,000 aircraft and currently refinish over 500 aircraft per year across all locations. For more information please visit: http://www.leadingedgecorp.com or http://associatedpaintersinc.com.
About Vance Street Capital
Vance Street Capital is a Los Angeles-based private equity firm that makes control investments in companies with enterprise values up to $200 million. Preferred industries include precision industrial manufacturing, aerospace & defense and medical components and devices. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.
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