Leading aviation asset management solutions company, EirTrade Aviation Ireland Limited, has received an investment from, and entered into partnership with, Acorn Growth Companies, LLC (Acorn).
The partnership is aimed at enhancing EirTrade’s financial capabilities for it to become an even stronger partner to its customers, suppliers, and consignors in the aviation market.
Ken Fitzgibbon, EirTrade’s founder, will remain as chief executive and will retain significant equity ownership.
Financial terms of the transaction were not disclosed.
Adam Nemenyi, group chief executive of Sentry Aerospares and an Acorn senior advisor specialising in aviation aftermarket investments, will serve on EirTrade’s board of directors.
The partnership means that EirTrade will be a new platform company within Acorn’s portfolio focused on end-of-life solutions for aviation assets.
Acorn says it plans to augment EirTrade’s strong organic growth with additional capital for large and strategic asset purchases, as well as potential add-on acquisitions.
Rick Nagel, managing partner of Acorn, said: “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 first-hand how critical the company is to its asset-owner partners and customers.
“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 aero engine and airframe models.
Fitzgibbon said: “We are thrilled to partner with Acorn. 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.
With facilities in Ireland and Dallas, EirTrade offers a suite of services spanning from engine storage, disassembly, repair management, and parts trading with a focus on asset value maximisation.
As a result of this partnership with Acorn, EirTrade will enhance its leading consignment business with increased financial capacity to purchase aviation assets.
Fitzgibbon added: “EirTrade is an innovative company that prides itself on firsts – we were the first aftermarket services company to manage the disassembly and monetisation of a 787, an A380, as well as other aero engine 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 Ken Fitzgibbon, the EirTrade team is led by Lee Carey, Karl Fitzgibbon, Paul Gleeson, and Redmond Walsh in Ireland, and Bill Thompson in the US.
Nemenyi said: “Having known Ken and his team for years, I am delighted to welcome them into the Acorn family.
“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.”
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