H.I.G. Capital LLC (HIG), through IAC Malta Limited, has been given the green light by the Office of Competition to acquire the business and assets of Aviation Cosmetics Malta Limited (ACM).

ACM specializes in aircraft exterior design, providing aircraft painting services to commercial airlines and aviation leasing companies. It had been operating in Malta since 2013 but ran into financial difficulties.

ACM was evicted from a Government-owned hangar in Safi earlier this year after a court ruling which also ordered the company to settle €453,000 in unpaid rent.

HIG is a global private equity and alternative assets investment firm that specialises in providing debt and equity capital to SMEs. IAC Malta Limited, which is part of the IAC group (otherwise known as International Aerospace Coatings), was recently formed for the purposes of the transaction. The IAC group is active at global level in the provision of aircraft painting services but has no activities in Malta.

On the 15th of April, The Malta Competition and Consumer Affairs Authority’s Office for Competition had received a notification of a proposed concentration, whereby funds managed or advised by HIG would, through IAC Malta, acquire sole control of the business and assets of Aviation Cosmetics Malta.

On the 24th of April, the Office of Competition received a third-party objection , however following examination of the notification, objection and the parties’ replies, concluded that the notified concentration “will not result in any substantial lessening of competition as there are no horizontal or vertical overlaps between the parties.”

The Office has decided not to oppose the notified concentrations, and declared it lawful.