"We are excited to partner with Ken and EirTrade's management team. Having known EirTrade for years through the industry and its interactions with our other portfolio companies, we have seen firsthand how critical the Company is to its asset-owner partners and customers," said Rick Nagel, Managing Partner of Acorn. "The technical expertise resident within the Company is second-to-none, and we believe that EirTrade is well positioned for growth and market share capture."
Founded in 2010 by Ken Fitzgibbon, EirTrade offers global aviation asset managers, leasing companies, airlines, and other industry participants, a full suite of end-of-life solutions for aviation assets with expertise and a robust track record across multiple aeroengine and airframe models. With facilities in Ireland and Dallas, TX, EirTrade offers its partners a complete suite of services spanning from engine storage, disassembly, repair management, and parts trading with a focus on asset value maximization. As a result of its partnership with Acorn, EirTrade will enhance its leading consignment business with increased financial capacity to purchase aviation assets.
"We are thrilled to partner with Acorn," said Fitzgibbon. "Their sector-focus and knowledge will be additive to EirTrade as we continue to stay at the forefront of industry trends and continue to grow our business with our current consignment partners, as well as through asset acquisitions on our own balance sheet."
Fitzgibbon continued by saying, "EirTrade is an innovative company that prides itself on firsts – we were the first aftermarket services company to manage the disassembly and monetization of a 787, an A380, as well as other aeroengine assets. We've had an amazing growth trajectory absent access to significant capital resources. Now with Acorn's assistance, we can scale the business collaboratively with our existing partners, as well as on our own balance sheet, evaluating significantly larger asset opportunities."
In addition to Mr. Fitzgibbon, the EirTrade team is led by Lee Carey, Karl Fitzgibbon, Paul Gleeson, and Redmond Walsh in Ireland, and Bill Thompson in the United States.
"Having known Ken and his team for years, I am delighted to welcome them into the Acorn family," said Adam Nemenyi, incoming Board member. "As a founder who also partnered with Acorn, I am confident that this partnership will prove to be a tremendous success. The shared values, culture, and ethics of both EirTrade and Acorn are perfectly complementary. I look forward to playing an active role in helping EirTrade execute its exciting multi-year strategic plan."
Irwin Mitchell LLP served as lead legal counsel to Acorn. Philip Lee LLP served as lead legal counsel for EirTrade. Financial terms of the transaction were not disclosed.
