Eirtech circled in $50m private equity deal
AN American private equity outfit whose investment portfolio includes missile and jet-fighter component makers, is currently targeting a stake in Shannon aviation firm Eirtech. A deal is likely to value Eirtech at a minimum of $50m (€36m).
A spokesman for Eirtech Aviation confirmed that it's currently "looking at potential development opportunities" but declined to identify possible partners. It's thought that a deal could be concluded within a matter of weeks.
It's believed that Eirtech, which is 75pc-owned by chief executive Niall Cunningham with the remaining shareholding owned by chief operating officer Peter Collins, is in talks with Los Angeles-based private equity group Vance Street Capital.
Vance Street partner Richard Roeder was this month discretely appointed to the Eirtech board.
Eirtech paints aircraft for customers including Gulf carriers Etihad and Qatar Airways. It also installs aircraft equipment for Southwest.
Sunday Indo Business