US aerospace investor takes a majority stake in EirTrade

AIRCRAFT-parts seller EirTrade Aviation, with operations at Rathcoole and Knock Airport, has secured investment from an American private equity backer.

Acorn Growth Companies, an Oklahoma-based investor in the aerospace and defence markets, has taken a majority stake in the company.

EirTrade Aviation has its operations in Greenogue Business Park, and at Knock Airport in Mayo.

Ken Fitzgibbon, who set up EirTrade in 2010, will retain a significant shareholding.

Patrick Jordan, the former Siteserv chief operating officer who came on board as an investor and chairman in 2019, also remains a shareholder.

EirTrade provides airlines, aviation asset managers and leasing companies with end-of-life solutions for their planes.

It disassembles the aircraft at its facilities in Rathcoole, Knock and in Dallas, Texas, where it opened a 22,000 sq ft facility in 2021.

Fitzgibbon would not divulge the value of the investment but said the company had “scaled quite heavily over the past four years, which allows us to go on to the next chapter.”

EirTrade now employs 93 people. Latest accounts for 2022 show it had revenues of more than €83m and pre-tax profits of €3.5m.

Acorn will invest additional capital for large and strategic asset purchases, as EirTrade plans to scale the business, potentially moving into the Asian market.

Bolt-on acquisitions are also planned.

Adam Nemenyi, group chief executive of Sentry Aerospares, an Acorn portfolio company, will sit on EirTrade’s board.

“Acorn knows aviation and knows how to build aviation companies,” said Fitzgibbon.

Jordan’s Atlantic Aviation Group last year acquired the Lufthansa Technik Shannon aircraft maintenance outfit.

The German company took restructuring charges of €15.7m before selling the former Shannon Aerospace business to Jordan.

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