Behrman Capital Acquires Aerospace Coatings Specialist with Barings' Backing

CHARLOTTE, N.C. – April 23, 2026 – In a strategic move underscoring the growing private equity interest in mission-critical supply chains, New York-based Behrman Capital has completed its acquisition of Metallizing Service Company (MSC), a highly specialized provider of protective coatings for the aerospace and defense industries. The transaction was facilitated by Barings, which served as the lead agent for the senior secured credit facilities, signaling strong institutional confidence in the sector's long-term stability and growth.

The acquisition places MSC, a company with an 80-year history, under the stewardship of a private equity firm known for its deep expertise in the aerospace and defense markets. This partnership is poised to accelerate MSC's growth trajectory by leveraging Behrman Capital's resources and strategic oversight.

A Precision Investment in a High-Stakes Sector

Behrman Capital's acquisition of Metallizing Service Company is not an isolated venture but a continuation of a long-standing investment thesis focused on high-quality, middle-market companies operating in defensible niches. The firm has a well-documented history of successfully backing businesses in the aerospace and defense sector, including past and present portfolio companies like Micross Components, a provider of mission-critical microelectronics, and Data Device Corporation (DDC), a leader in data bus and motion control products for military platforms.

This strategy targets companies with strong recurring revenue, significant barriers to entry, and opportunities for expansion. MSC fits this profile perfectly. Founded in 1940, the Connecticut-based company has established itself as an indispensable partner to major aerospace engine manufacturers. Its value lies in what Grant G. Behrman, Managing Partner of Behrman Capital, described as "deep process know-how, a market-leading reputation for quality, and a critical role in the aerospace and defense supply chain."

The "qualification-driven positions" Behrman mentioned are key to understanding MSC's strategic value. In the aerospace industry, suppliers must undergo rigorous and lengthy certification processes with original equipment manufacturers (OEMs) and regulatory bodies like the FAA. MSC holds numerous OEM approvals and prestigious accreditations, including NADCAP (National Aerospace and Defense Contractors Accreditation Program) and AS9100. These certifications are not easily replicated and create a formidable competitive moat, ensuring long-term, stable relationships with a blue-chip customer base.

The Unseen Technology Keeping Aircraft Aloft

While passengers may never see them, the advanced coatings applied by MSC are fundamental to the safety and performance of modern aircraft engines. The company specializes in sophisticated thermal spray processes like plasma spray and High-Velocity Oxygen Fuel (HVOF). These are not simple paint jobs; they are complex engineering solutions that apply molten or semi-molten materials to critical engine components at high speeds.

Plasma spray, for example, is used to apply Thermal Barrier Coatings (TBCs) to turbine blades, vanes, and combustors. These ceramic-based layers insulate the underlying metal alloys from the extreme temperatures inside a jet engine—which can exceed the metal's melting point—thereby extending component life and improving engine efficiency. HVOF, meanwhile, creates exceptionally dense and durable coatings that protect parts from wear, friction, and corrosion.

This technology is vital for both new aircraft production and the massive Maintenance, Repair, and Overhaul (MRO) market. With the global commercial aircraft fleet aging and flight hours increasing, the demand for MRO services is surging. The coatings MSC provides are essential for refurbishing engine parts, helping airlines minimize costly downtime and extend the operational life of their fleets. The global aerospace coatings market is projected to grow significantly, with some analysts forecasting it to exceed $4.5 billion by 2034, driven largely by the robust MRO segment.

Private Credit as the Engine for Strategic Growth

Enabling this strategic acquisition is Barings, a global alternative asset manager with over $480 billion in assets. By acting as the lead agent on the credit facilities, Barings exemplifies a crucial trend in modern finance: the rise of private credit as a primary funding source for private equity buyouts. Direct lenders like Barings offer flexible, bespoke financing solutions that can be executed more efficiently than traditional bank loans, making them attractive partners for PE firms pursuing complex deals in specialized industries.

Barings' Global Private Finance platform has become a major force in the market, providing capital to support growth, acquisitions, and recapitalizations. The firm's involvement in the MSC deal highlights its confidence in both Behrman Capital's strategy and the underlying strength of the aerospace sector.

"Barings is excited to partner with Behrman Capital through the acquisition of Metallizing Service Company," said Steve Jarvis, Managing Director in Barings’ Global Private Finance Group. He noted that MSC is a "differentiated, leading player in the protective engine coatings space," and praised the business's ability to "drive value through its mission-critical coatings solutions." This partnership underscores Barings' commitment to financing businesses that form the backbone of essential industries.

Charting a Course for Future Innovation

Under Behrman Capital's ownership, MSC is set for its "next phase of evolution." The new owners have signaled clear intentions to invest heavily in the company's future, both organically and through strategic acquisitions. This includes enhancing existing capabilities, increasing production capacity, and expanding into adjacent surface technologies and finishing services.

This growth strategy aligns perfectly with major trends shaping the aerospace industry. The push for greater fuel efficiency and reduced emissions is driving demand for lighter, more durable materials and advanced coatings that enable engines to run hotter and more efficiently. Furthermore, increasingly stringent environmental regulations, particularly around the use of volatile organic compounds (VOCs) and chromates, are creating opportunities for innovative companies that can develop and deploy more sustainable, high-performance coating solutions.

With the backing of Behrman Capital and the continued leadership of its existing management team, Metallizing Service Company is well-positioned to capitalize on these trends. The plan to pursue add-on acquisitions could allow MSC to quickly broaden its technological portfolio, enter new geographic markets, or expand its services to other high-stakes industries, such as industrial gas turbines and medical devices, that rely on similar high-performance surface treatments. This investment ensures that a critical, yet often overlooked, component of the aerospace supply chain has the resources to continue innovating for decades to come.