The recapitalisation of Eirtech Aviation Services has been announced by Vance Street Capital LLC, a Los Angeles-based private equity firm.
Terms of the transaction were not disclosed.
Headquartered in Shannon, Ireland with offices in Dublin and Singapore, 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, Cunningham and O’Shea are retaining a material ownership position in the company. David Kerr, Deputy CEO, will continue to lead the business in his current role.
He said: “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."
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.