Business News

Vance Street Capital announces deal with Eirtech Aviation

By Business & Finance
08 August 2014
Niall Cunningham, CEO of Eirtech Aviation
Pictured: Niall Cunningham, CEO of Eirtech Aviation.

Vance Street Capital LLC, a Los Angeles-based private equity firm, and its affiliates, has announced that they have confirmed a deal with Eirtech Aviation (Eirtech), a specialist aviation coating services company headquartered in Shannon.

Eirtech, together with existing Vance Street portfolio company, Leading Edge Aviation Services, Inc. (Leading Edge) and Associated Painters, Inc., will form International Aerospace Coatings Holdings LP.

Eirtech will hold a substantial shareholding in the new group, which creates a leading global provider of aviation services, including exterior and interior aircraft painting, aircraft refurbishment and provision of aircraft graphics to airplane OEM’s (original equipment manufacturers), commercial airlines, private operators, aviation leasing companies and military customers.

The newly merged company employs approximately 800 people across Europe, North America and Dubai.  Leading Edge, Associated Painters and Eirtech will continue to operate under their respective brand names and existing management teams in their geographic regions and provide world-class aviation services to customers, including some of the world’s leading commercial airlines.

Vance Street Capital acquired Leading Edge in 2012 and in 2013, 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 expansion plans for the combined entity.

“The aviation sector is not constrained by geographical boundaries and is a dynamic, global industry,” said Niall Cunningham, CEO of Eirtech Aviation.  “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 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, whilst also meeting their needs for quick turnaround times and flexibility,” said Jude Dozor, CEO of Leading Edge Aviation.  “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.”