Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced the recapitalization of Eirtech Aviation Services (“EAS”), a leading provider of specialist aviation services for the largest airlines and aircraft leasing companies globally. Terms of the transaction were not disclosed.
Headquartered in Shannon, Ireland with offices in Dublin and Singapore, EAS provides design-engineering, manufacturing and product solutions, as well as asset management and CAMO services, that ensure regulatory compliance with FAA, EASA and other local jurisdiction mandates. EAS’s turnkey services provide full support to airlines, aircraft leasing companies, private operators and OEMs for all their fleet transition and modification requirements. EAS was founded in 2009 by entrepreneurs Niall Cunningham and Gerry O’Shea.
As part of the transaction, Mr. Cunningham and Mr. O’Shea are retaining a material ownership position in the company. Mr. David Kerr, Deputy CEO, will continue to lead the business in his current role. “We are confident that our partnership with Vance Street will offer EAS both the capital, industry relationships and operational support to help sustain our recent success and support our future growth initiatives,” said Mr. Kerr.
Brian Martin, Managing Partner at Vance Street commented, “EAS operates in a highly regulated, attractive niche of the commercial aerospace aftermarket. We are impressed with the business that Niall and Gerry have built over the past decade and look forward to partnering with the EAS team for the company’s next chapter of growth.”
“Vance Street has a long track record of success within the aerospace industry,” added Nic Janneck, Principal at Vance Street. “Vance Street’s ability to leverage its prior experience makes EAS a logical addition to our portfolio, where it will have the opportunity to benefit from the strategic fit with sister portfolio company International Aerospace Coatings.”
O’Melveny & Myers LLP and Arthur Cox acted as legal advisors to Vance Street Capital. Vance Street partnered with funds advised by Neuberger Berman Private Credit, who also co-invested equity alongside Vance Street in support of the transaction. KPMG served as financial advisor and McCann FitzGerald and Cooley LLP served as legal advisors to EAS.