H.I.G. Capital acquires Shannon-based aircraft painting firm International Aerospace Coatings

US private equity firm H.I.G. Capital has completed the acquisition of International Aerospace Coatings, the Shannon-based aircraft painting company better known as IAC, from previous owner Tiger Infrastructure Partners in a deal involving a business with over €50 million in annual turnover.

According to The Currency News, the transaction closed earlier this month and marks another change of private equity ownership for the 46-year-old company, which is dual-headquartered in Shannon and Irvine, California. IAC is led by chief executive Martin O'Connell.

In a statement confirming the closing of the transaction, O'Connell said the company would expand its geographic reach and carry out acquisitions of its own under the new ownership structure.

IAC is one of the leading specialist aircraft painting providers in the global aviation industry, offering exterior coating, cabin refinishing and related services to airlines, lessors and MRO operators. Aircraft painting is a technically complex and time-sensitive MRO segment, with full exterior repaints typically requiring several days of hangar time and precise preparation to meet airline brand specifications and airworthiness standards.

Shannon has long been a significant centre for aviation services in Ireland, home to a concentration of MRO providers, aircraft lessors and related businesses that form part of Ireland's broader aviation ecosystem. IAC's presence in Shannon places it alongside other major aviation service operators at one of Ireland's key regional aviation hubs.

H.I.G. Capital is a Miami-headquartered global alternative investment firm with approximately $65 billion in capital under management across private equity, credit and real assets strategies. The acquisition of IAC represents an addition to its portfolio of aviation and aerospace services businesses.

Read the full acquisition story and details of IAC's expansion plans in the complete coverage.