Tiger Infrastructure Partners exits aerospace coatings investment after scaling platform
What's the deal? Tiger Infrastructure Partners has sold its Fund III investment in International Aerospace Coatings (IAC), an aviation services provider that operates 25 on-airport hangars backed by long-term concessions. Tiger Infrastructure first invested in IAC in 2022 and helped scale the business from 17 to 25 hangars through development and expansion projects across North America and Europe.
New facilities were added at key aviation hubs including Portland; Amarillo, Texas; Fort Worth, Texas; Teruel, Spain; and Malta. Tiger Infrastructure also helped IAC secure its first investment-grade rating and debt financing in 2025.
Why now? The sale comes during an active stretch for Tiger Infrastructure, which has completed or announced more than 40 transactions — spanning new platform investments, liquidity events, add-on acquisitions, new projects, and financings — over the past 18 months.
"Fund III's investment in IAC is a great example of our value creation playbook in action," said Emil W. Henry, Jr., founder, chief executive officer, and chief investment officer of Tiger Infrastructure. "We specialise in partnering with middle market infrastructure platforms like IAC to help them achieve their growth plans."
What could go wrong? IAC's business depends on long-term airport concessions and continued demand for hangar services. Any slowdown in aviation activity — whether from economic downturns, regulatory shifts, or reduced airline fleet maintenance spending — could pressure the model. The next owner will also need to sustain the growth trajectory Tiger Infrastructure built.
The signal: Tiger Infrastructure's IAC exit exemplifies the growing appetite among infrastructure private equity firms for essential aviation services underpinned by long-term concessions — assets that offer predictable, inflation-linked cash flows. Scaling IAC's hangar portfolio by nearly 50% in roughly three years, then securing an investment-grade rating ahead of exit, is a textbook value-creation arc that could encourage more sponsor-led roll-ups in niche airport infrastructure.
Read more: abfjournal.com
