OKLAHOMA CITY (OBV) – Acorn Growth Companies, LLC, an Oklahoma City-based aerospace and defense equity firm, and EirTrade Aviation Ireland Limited, a leading aviation asset management solutions company, have entered into a partnership.
EirTrade representatives announced the partnership on Wednesday, saying that the partnership and an investment from Acorn will enhance the Ireland-based company’s financial capabilities, helping it “become an even stronger partner to its customers, suppliers and consignors in the aviation market.”
Ken Fitzgibbon, EirTrade founder, will remain chief executive officer and retain significant equity ownership. Adam Nemenyi, group CEO of Sentry Aerospares and an Acorn senior advisor specializing in aviation aftermarket investments, will serve on EirTrade’s board of directors.
“Having known Ken and his team for years, I am delighted to welcome them into the Acorn family,” Nemenyi said. “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.”
As a platform company within Acorn’s portfolio, EirTrade will focus on end-of-life solutions for aviation assets. Acorn leaders plan to add capital to EirTrade’s growth with an eye toward making large and strategic asset purchases, as well as potential add-on acquisitions.
“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.”
Fitzgibbon founded EirTrade in 2010, offering global airlines and companies in the aviation industry end-of-life solutions for aviation assets.
EirTrade has facilities in Ireland and Dallas, Texas. Its services include engine storage, disassembly, repair management and parts trading with a focus on asset value maximization.
EirTrade will have increased financial capacity to purchase aviation assets thanks to its partnership with Acorn, an EirTrade news release states.
“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,” Fitzgibbon said. “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.”
The transaction’s financial terms were not disclosed.