H.I.G. Capital Acquires International Aerospace Coatings to Expand Global Aviation Services

On May 15, 2026, global alternative investment firm H.I.G. Capital announced the successful acquisition of International Aerospace Coatings (IAC), a premier provider of aircraft painting, engineering, and advanced asset management solutions. The transaction includes IAC’s specialized engineering division, Eirtech Aviation Services (EAS).

This acquisitions marks a significant ownership transition for the aviation services company, which was previously acquired by Tiger Infrastructure Partners in December 2022. According to the official press release, the move is designed to scale IAC’s operations and address a growing global shortfall in dedicated aircraft painting capacity.

By leveraging H.I.G. Capital’s extensive financial resources, IAC intends to expand its geographic footprint, invest heavily in additional hangar infrastructure, and pursue selective add-on acquisitions to meet the escalating demands of the aviation industry.

Strategic Expansion and Industry Demand

Addressing the Capacity Shortfall

The commercial aviation and aerospace sectors are currently navigating a notable bottleneck in global paint and finishing capacity. As airlines, original equipment manufacturers (OEMs), and aircraft lessors increasingly prioritize rapid turnaround times and consistent quality, dedicated service providers are seeing unprecedented demand. H.I.G. Capital, which manages $75 billion in capital as of May 2026, plans to utilize its institutional backing to help IAC capture a larger share of this expanding market.

In the company’s press release, H.I.G. Capital leadership emphasized the strategic value of IAC’s established market position and operational reliability.

“IAC has built an outstanding reputation for quality, reliability, and customer service. We are pleased to partner with IAC and believe the Company is well positioned to continue gaining share…”
— Doug Berman, Co-President at H.I.G. Capital

Scaling Operations

To meet the industry’s rigorous demands, H.I.G. Capital’s investment strategy focuses on tangible infrastructure growth. The firm has outlined clear intentions to fund the construction of new facilities and explore strategic acquisitions that complement IAC’s existing service portfolio. This approach aims to alleviate the supply chain pressures currently facing major commercial airlines and VIP aircraft fleets.

IAC’s Growth and Recent Milestones

Building a Global Footprint

Dual-headquartered in Irvine, California, and Shannon, Ireland, IAC currently paints over 1,000 aircraft annually. The company operates a comprehensive global portfolio of purpose-built hangars located at major airports across the United States and Europe. IAC was originally established in 2014 following the merger of three leading aviation service providers: Leading Edge Aviation Services, Associated Painters, and Eirtech Aviation.

In recent years, IAC has actively expanded its international presence. According to industry reports, the company opened a new facility in Teruel, Spain, in 2024 under a 40-year concession. Furthermore, IAC recently expanded its network capacity by securing a long-term lease for wide-body and narrow-body hangars at Safi Aviation Park in Malta.

A Strong Financial Foundation

Prior to the H.I.G. Capital acquisition, IAC achieved a major financial milestone in June 2025 by completing a highly successful $240 million strategic financing round. This capital raise included the company’s inaugural issuance of 4(a)2 private placement notes with an investment-grade rating, a first-of-its-kind achievement in the aviation painting industry. The funds were utilized to refinance existing credit facilities and initiate the construction of new purpose-built hangars.

IAC leadership expressed optimism about the new partnership and the operational growth it will unlock.

“We are thrilled to welcome H.I.G. as a partner, as we scale IAC to meet growing demand… With H.I.G.’s experience and resources, we plan to expand our geographic footprint [and] invest in additional hangar capacity.”
— Martin O’Connell, Chief Executive Officer of IAC

Transaction Details

While the specific financial terms of the May 2026 acquisition were not publicly disclosed in the announcement, the advisory teams facilitating the deal were confirmed. RBC Capital Markets, LLC and Ropes & Gray LLP served as the financial and legal advisors, respectively, for H.I.G. Capital. On the other side of the transaction, IAC was advised by Jefferies, LLC and the legal firm Latham & Watkins LLP.

AirPro News analysis

The acquisition of IAC by a $75 billion heavyweight like H.I.G. Capital underscores a broader, accelerating trend of private equity consolidation within the aviation Maintenance, Repair, and Overhaul (MRO) sector. As supply chain constraints and capacity shortages continue to pressure OEMs and commercial operators, specialized service providers with established, hard-to-replicate infrastructure, such as IAC’s purpose-built hangars, have become highly lucrative assets.

The rapid succession of IAC’s ownership, from Vance Street Capital to Tiger Infrastructure Partners in 2022, and now to H.I.G. Capital in 2026, highlights the intense institutional interest in aviation aftermarket services. With airlines desperate to maintain fleet aesthetics and protective coatings without suffering prolonged downtime, private equity firms clearly view aviation painting and asset management as a resilient, high-yield investment vertical.

Frequently Asked Questions (FAQ)

What services does International Aerospace Coatings (IAC) provide?
IAC is a global aviation services provider specializing in exterior and interior aircraft painting, aircraft refurbishment, and graphics. Its engineering division, Eirtech Aviation Services (EAS), provides specialized engineering and advanced asset management solutions.

Who acquired IAC?
An affiliate of H.I.G. Capital, a multinational alternative investment firm with $75 billion of capital under management, officially acquired IAC on May 15, 2026.

Why is this acquisition significant for the aviation industry?
The aviation industry is currently facing a global shortfall in dedicated aircraft painting capacity. H.I.G. Capital’s acquisition will provide IAC with the financial resources to build new hangars and expand its geographic footprint, helping to alleviate supply chain bottlenecks for airlines and OEMs.

Sources

• H.I.G. Capital Press Release