Tiger Infrastructure Partners Announces Fund III Sale of IAC, a Global Leader in Critical Aviation Services, Following Successful Implementation of Value Creation Playbook
NEW YORK and LONDON, May 15, 2026 /PRNewswire/ -- Tiger Infrastructure Partners today announced the sale of its Fund III investment in International Aerospace Coatings (IAC), a market-leading aviation services provider that operates a global portfolio of 25 on-airport hangars underpinned by long-term concessions. Through these purpose-built owned or controlled hangars, IAC primarily specializes in aircraft painting for aircraft manufacturers, commercial airlines, leasing companies, air cargo carriers, governments and other owners of wide- and narrow-body aircraft.
"Fund III's investment in IAC is a great example of our Value Creation Playbook in action," said Emil W. Henry, Jr., Founder, CEO and CIO of Tiger Infrastructure. "Tiger Infrastructure specializes in partnering with middle market infrastructure platforms like IAC to help them achieve their growth plans. Since our investment in 2022, we have worked closely with IAC's capable management team, led by CEO Martin O'Connell, to scale the business into a blue‑chip infrastructure platform by significantly expanding its stable of assets on both sides of the Atlantic."
Martin O'Connell, CEO at IAC, added: "Tiger Infrastructure has been an exceptional partner to IAC, supporting our growth and vision with both capital and value-add resources. Working in close collaboration with the Tiger Infrastructure team, we have accelerated the expansion of our hangar network while continuing to deliver consistent, best-in-class service to our customers. Together we have built a larger platform and fortified our customer value proposition, making us well-positioned for our next phase of growth."
Under Tiger Infrastructure's ownership, IAC scaled its portfolio from 17 to 25 hangars through multiple targeted development and expansion projects in both North America and Europe, adding facilities at key global aviation hubs including Portland, Oregon; Amarillo, Texas; Fort Worth, Texas; Teruel, Spain; and Malta. This Transatlantic expansion has been supported by strong customer demand for IAC's painting services, allowing IAC to deepen its partnerships with premier global aircraft manufacturers and commercial airline customers, and secure long‑term contracts that underpin a robust cash flow profile. Reflecting this strong financial profile, Tiger Infrastructure helped IAC secure its inaugural investment grade rating and debt financing in 2025, establishing a mature capital structure that has helped facilitate the Company's meaningful growth.
"IAC delivered terrific performance during our ownership period. Because of its admirable growth, we were able to make distributions to our investors and reduce its cost of capital materially through the issuance of its first investment grade rated debt. We achieved our 5-year plan ahead of schedule, and as a result of this success, we received much inbound interest from other infrastructure investors," noted Marc H. Blair, Tiger Infrastructure COO and Senior Managing Director. "We believe large infrastructure investors appreciate our reputation for building world-class infrastructure businesses. Some call it 'feeding the food chain' of the global infrastructure ecosystem."
The sale of IAC to the infrastructure fund of a large investment manager continues a period of significant activity for Tiger Infrastructure, which has completed and/or announced more than 40 transactions across new platform investments, liquidity events, add-on acquisitions, new projects and financings over the past 18 months, despite a generally challenging M&A market. During this period, Tiger Infrastructure acquired six new companies with a combined enterprise value of approximately $1 billion, while fully or partially realizing investments in three businesses with a combined enterprise value of nearly $6 billion, demonstrating Tiger Infrastructure's build-to-scale approach. Notably, Tiger Infrastructure recently acquired ELM Utility Services in North America in November 2025 and announced the pending acquisition of Orbis Protect in Europe in April 2026, both high growth infrastructure businesses of similar size and attributes to IAC at the time that Tiger Infrastructure acquired it in 2022. All three businesses are characterized by their unique long-term customer relationships based on delivering a specialized, mission-critical service with industry-leading performance.
Latham & Watkins LLP served as legal advisor and Jefferies LLC served as financial advisor to Tiger Infrastructure and IAC.
About Tiger Infrastructure Partners
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.
SOURCE Tiger Infrastructure Partners
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