Tenax Aerospace Completes Refinancing and Junior Capital Buyout

NTC Group Consolidates Ownership

RIDGELAND, Miss.–(BUSINESS WIRE)–Tenax Aerospace (the “Company” or “Tenax”), a leading provider of special mission aircraft and related services to the U.S. government and commercial customers, today announced it has successfully completed the refinancing and buyout of its junior capital partner, Bain Capital Credit (“Bain Capital”). This strategic transaction finalizes Bain Capital’s investment and consolidates NTC Group, Inc.’s (“NTC”) ownership of Tenax.

Tom Foley, Chairman of NTC and Tenax, commented on the milestone: “This transaction marks an important milestone for NTC/Tenax as it consolidates NTC principals’ ownership of the Company to approximately 80% and validates the success of our buy-and-hold investment model, centered on transitioning ownership of family and founder-owned businesses to investor-owned businesses focused on long term growth. We are very grateful for Bain Capital’s support around the initial acquisition of Tenax and for their partnership growing the business since 2018.”

Taran Bakker, Director of Tenax and Partner at NTC, added: “I want to thank Bain Capital for supporting us at the outset and being excellent partners. We welcome our new junior capital providers, led by AEA Private Debt, to Tenax, and we look forward to a similarly successful partnership with them moving forward.”

Bain Capital invested a total of $75 million in the form of Second Lien Notes, Holdco Notes, and common equity when NTC Group acquired Tenax in January 2018 for $218 million. Tenax partially repaid its Holdco Notes in 2022 and fully repaid their Second Lien notes in 2024.

“We’re excited for Tenax’s world class management team as they embark on this next chapter of growth and are confident NTC will continue to be thoughtful stewards of the business,” said Matt Evans, a Partner at Bain Capital. “We’re glad to have returned capital to our investors and bring this investment to a successful close,” added Michael Ewald, a Partner and Global Head of Bain Capital’s Private Credit Group.

Financing for this transaction was provided by additional senior debt facilities arranged by Regions Capital Markets, a division of Regions Bank, along with a junior capital investment led by AEA Private Debt.

About Tenax Aerospace

Tenax is a leading provider of special mission aircraft and related services to the U.S. Government and commercial customers. The company focuses on enduring special mission aviation programs critical to national security and the public interest, including aerial fire suppression, airborne ISR, training and testing, and other special missions.

Founded in 2001, Tenax is a privately-owned business headquartered in Ridgeland, Mississippi.

About NTC Group

NTC Group offers family- and founder-owned companies a tailored approach to ownership transitions, prioritizing long-term growth and the preservation of their culture while delivering a unique approach that sets the firm apart from traditional private equity and strategic acquirers. With a focus on aerospace, defense, and specialty manufacturing, NTC combines flexible capital with a strategic partnership framework designed to maximize long term growth while preserving the founder’s vision.

Contacts

Emily Dattilo

Gregory

edattilo@gregoryagency.com