Tiger Infrastructure Partners Announces Fund III Sale of IAC, a Global Leader in Critical Aviation Services, Following Successful Implementation of Value Creation Playbook

Tiger Infrastructure Partners has announced the sale of its Fund III investment in International Aerospace Coatings (IAC), a prominent player in the aviation services sector, on May 15, 2026. While the deal value remains undisclosed, the transaction marks a significant milestone following a successful growth strategy implemented during Tiger's ownership. IAC operates a global portfolio of 25 on-airport hangars, specializing in aircraft painting services for a diverse clientele that includes commercial airlines, government entities, and aircraft manufacturers.

Under Tiger Infrastructure's stewardship since 2022, IAC has expanded its hangar portfolio from 17 to 25 facilities, reflecting a robust growth trajectory. This expansion included the development of new hangars in strategic locations across North America and Europe, such as Portland, Oregon; Amarillo and Fort Worth, Texas; Teruel, Spain; and Malta. The growth in IAC's infrastructure has been driven by strong customer demand for its specialized painting services, allowing the company to deepen partnerships with leading global aircraft manufacturers and secure long-term contracts that bolster its cash flow profile.

The strategic rationale behind the investment and subsequent sale lies in the significant operational improvements and financial performance achieved during Tiger's ownership. IAC's management team, led by CEO Martin O'Connell, has effectively leveraged Tiger's capital and resources to enhance service delivery and expand the company's footprint in critical aviation markets. The successful execution of IAC's growth plan culminated in the establishment of its inaugural investment-grade rating and debt financing in 2025, which further strengthened its capital structure and facilitated continued expansion.

The sale of IAC to a large investment manager's infrastructure fund underscores the ongoing activity within the aviation services sector, particularly as investors seek opportunities in companies with established customer relationships and specialized service offerings. Tiger Infrastructure's recent track record, including over 40 transactions in the past 18 months, demonstrates a strong commitment to building scalable infrastructure businesses, even amidst a challenging M&A environment. The firm’s approach to nurturing middle-market infrastructure platforms positions it well for future opportunities in the rapidly evolving aviation services landscape.

Overall, the successful exit from IAC reflects broader trends in the aviation services sector, where demand for specialized services continues to grow in tandem with the recovery of global air travel. As infrastructure investors increasingly recognize the value of companies like IAC, characterized by their critical service offerings and strong customer bases, the outlook for future investments in this sector remains positive.