Tiger Infrastructure Partners sold its Fund III investment in International Aerospace Coatings (IAC), an aviation services provider that operates a global portfolio of 25 on-airport hangars underpinned by long-term concessions.
“Fund III’s investment in IAC is a great example of our value creation playbook in action,” Emil W. Henry, Jr., founder, CEO and CIO of Tiger Infrastructure, said. “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; Amarillo, Texas; Fort Worth, Texas; Teruel, Spain; and Malta. 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 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 five-year plan ahead of schedule, and as a result of this success, we received much inbound interest from other infrastructure investors,” Marc H. Blair, COO and senior managing director at Tiger Infrastructure, said. “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.”
This sale continues a period of 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. 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.
Latham & Watkins served as legal advisor and Jefferies served as financial advisor to Tiger Infrastructure and IAC.
