H.I.G. Capital acquires International Aerospace Coatings
The aircraft painting and engineering provider operates 25 hangars across 11 sites in the U.S. and Europe, serving OEMs, airlines, and MRO providers.
Aircraft painting capacity is drawing private capital as airlines and OEMs seek faster turnaround and consistent quality.
H.I.G. Capital has acquired International Aerospace Coatings, a provider of painting, engineering, and asset management services to the aerospace industry.
IAC was founded in 1980 and is headquartered in Irvine, California, and Shannon, Ireland.
Through its Eirtech Aviation Services division, the company also delivers advanced engineering and asset management services.
Its network of 25 hangars across 11 U.S. and European sites serves original equipment manufacturers, major airlines, operators, and maintenance, repair, and overhaul providers, with multi-year agreements providing revenue visibility.
H.I.G. plans to invest in additional hangar capacity, broaden the company's geographic reach, and pursue add-on acquisitions to build the platform.
CEO Martin O'Connell said the partnership positions IAC to scale with rising demand for aircraft painting, while Doug Berman, co-president at H.I.G., cited IAC's reputation for quality and turnaround time.
RBC Capital Markets advised H.I.G., with Ropes & Gray as legal counsel.
Jefferies and Latham & Watkins advised IAC.