Shannon, Ireland and Irvine, CA, June 25th, 2025 – International Aerospace Coatings (“IAC” or the “Company”), a global leader in aircraft painting and aviation services, announced today the completion of a strategic financing, which included IAC’s inaugural issuance of 4(a)2 private placement notes with an investment grade rating. The financing raised more than $240 million of capital from leading infrastructure lenders with proceeds being used to refinance IAC’s existing credit facilities and drive the Company’s continued growth and global expansion. IAC’s global infrastructure asset portfolio includes 20 purpose-built hangars strategically located at ten airports in the United States and Europe. IAC provides critical aircraft painting and other aviation solutions to a diverse customer base in the global aviation industry.
“The financing provides IAC with multiple strategic benefits and establishes us as an investment grade debt issuer for the first time in our 40-year history,” said Martin O’Connell, CEO of IAC. “The rating reflects IAC’s market leading position, and the financing is a first of its kind for our industry. We believe that the refinancing materially improves IAC’s cost of capital, and it extends our debt maturities to better align with the long-term nature of our underlying infrastructure assets.”
The investment grade rating is underpinned by IAC’s strong infrastructure characteristics, and the built-for-purpose common terms financing platform is designed to suit the Company’s financing needs for the foreseeable future. The financing comprised both term debt, including the 5-10-year private placement notes, and a revolving credit facility to support the continued growth of the business.
“The financing also provides us with substantial additional debt capacity to fund our growth plans including building new purpose-build hangars to meet our customers’ needs, O’Connell continued. “There is currently a shortfall of global dedicated paint capacity which analysts project will become increasingly acute as demand for aircraft painting services continues to grow well in excess of GDP. As the largest independent aircraft painting company in the world, we are expanding IAC’s strategic footprint of purpose-built hangars to address these current and projected demands to best serve our loyal customers.”
IAC is developing a robust pipeline of additional expansion opportunities in both the United States and Europe to address growing market demand for its services and shortfalls in supply. These assets are typically controlled under long-term concessions. In 2024, IAC inaugurated its newest facility in Teruel, Spain under a 40-year concession from the local airport authority. Similarly, in April 2025, IAC announced plans to construct a new wide-body hangar at Rick Husband Amarillo International Airport in Amarillo, Texas, where the company operates five existing hangars. The new hangar is expected to become operational in 2026. IAC’s customers include aircraft manufacturers, commercial airlines, leasing companies, air cargo carriers, governments and other owners of wide- and narrow-body aircraft.
“This strategic refinancing is a great example of how we seek to optimize the capital structures of our portfolio companies to reduce costs and facilitate growth,” said Emil W. Henry, Jr., Founder and CEO of Tiger Infrastructure Partners (“Tiger Infrastructure”), an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies like IAC, which Tiger Infrastructure acquired in 2022. “At Tiger Infrastructure, our value creation playbook is focused on helping growth infrastructure platforms like IAC build and improve their assets, people and capital. We are thrilled with the progress that IAC has made during our ownership, significantly expanding its asset footprint, securing long-term customer contracts, enhancing its human capital under Martin’s able leadership, and now crystalizing a mature capital structure via this investment grade private placement, which we believe further solidifies IAC as the industry leader.”
DC Advisory led the transaction as financial advisor to IAC. Latham & Watkins LLP acted as legal counsel to IAC.
About IAC
IAC is the global leader in aircraft painting and aviation services. IAC’s global infrastructure asset portfolio includes 20 purpose-built hangars strategically located at ten airports in the United States and Europe. IAC utilizes its unique hangar network to provide critical aircraft painting and other aviation solutions to a diverse customer base, including aircraft manufacturers, commercial airlines, leasing companies, air cargo carriers, governments and other owners of wide- and narrow-body aircraft. IAC is dual headquartered in Irvine, California and Shannon, Ireland. For more information, visit www.iac.aero.
About Tiger Infrastructure
Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger Infrastructure’s value-add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in North America and Europe, where Tiger Infrastructure believes strong tailwinds are driving demand for new infrastructure. Tiger Infrastructure maintains offices in New York and London. For more information, visit www.tigerinfrastructure.com.