Tenax Aerospace Secures Future with Major Refinancing and Ownership Consolidation

RIDGELAND, MS – January 08, 2026 – Tenax Aerospace, a key provider of specialized aircraft for U.S. government and commercial clients, has announced the successful completion of a major refinancing and the buyout of its junior capital partner, Bain Capital Credit. The strategic move solidifies the ownership position of its parent company, NTC Group, Inc., to approximately 80% and equips Tenax with a fortified capital structure to pursue long-term growth in critical national security and public interest sectors.

NTC's 'Buy-and-Hold' Philosophy Validated

This transaction is a significant milestone not just for Tenax, but for its parent, NTC Group. It serves as a powerful validation of NTC's distinct "buy-and-hold" investment model, which intentionally diverges from the shorter-term exit strategies common in the private equity world. NTC, based in Greenwich, Connecticut, focuses on acquiring family- and founder-owned businesses in the aerospace, defense, and specialty manufacturing industries, with an emphasis on long-term stewardship and cultural preservation. Rather than preparing a company for a quick sale, NTC's philosophy centers on building sustainable value over an extended horizon. The consolidation of Tenax ownership is a testament to this patient capital approach, marking a successful transition from an initial investor partnership to a more integrated, long-term ownership structure.

Tom Foley, Chairman of NTC and Tenax, highlighted the strategic importance of the deal. "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," he commented. Foley stressed the model's focus on "transitioning ownership of family and founder-owned businesses to investor-owned businesses focused on long term growth." He also expressed gratitude for the foundational support provided by the exiting partner, stating, "We are very grateful for Bain Capital’s support around the initial acquisition of Tenax and for their partnership growing the business since 2018."

New Capital to Fuel Critical Government Missions

With the refinancing complete, Tenax Aerospace is poised to enhance its operations and expand its role as a crucial contractor for the U.S. government. The company specializes in providing mission-ready aircraft for a range of demanding applications, from aerial firefighting to airborne intelligence, surveillance, and reconnaissance (ISR). The new capital infusion, which includes senior secured credit facilities now totaling $330 million, provides the financial firepower needed to invest in its fleet, technology, and personnel.

Tenax's services are integral to national efforts. The company is a major contractor for the USDA Forest Service, holding contracts worth hundreds of millions of dollars for wildland firefighting support. This includes a single-award vehicle valued at over $230 million for National Aerial Supervision Module (ASM) aircraft through 2028 and a role in a $180 million contract for national light fixed-wing services through 2033. These aircraft are critical for coordinating air attacks on wildfires. Beyond firefighting, Tenax supports national security operations, evidenced by a $29.4 million award from the Federal Bureau of Investigation to lease a highly modified Gulfstream G550 aircraft for worldwide counterterrorism missions. This strengthened financial footing enables Tenax to better compete for and execute these enduring, high-stakes programs, ensuring reliability and advanced capabilities for its government partners.

A Successful Capital Lifecycle and New Partnerships

The transaction also provides a clear illustration of the private capital lifecycle in specialized industries. Bain Capital Credit's journey with Tenax began in January 2018, when NTC Group first acquired the company for $218 million. At that time, Bain Capital provided $75 million in crucial junior capital, comprising Second Lien Notes, Holdco Notes, and common equity, which facilitated the acquisition and initial growth phase. Over the subsequent years, Tenax methodically deleveraged, making a partial repayment on the Holdco Notes in 2022 and fully retiring the Second Lien notes in 2024, culminating in this final buyout.

The exit marks a successful return for Bain Capital's investors. “We’re glad to have returned capital to our investors and bring this investment to a successful close,” said Michael Ewald, a Partner and Global Head of Bain Capital’s Private Credit Group. Matt Evans, a Partner at Bain Capital, added, “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.”

As one chapter closes, another begins with the entry of new financial partners. The refinancing was made possible by senior debt facilities arranged by Regions Capital Markets and a new junior capital investment led by AEA Private Debt. AEA, part of the storied AEA Investors firm founded by the Rockefeller, Mellon, and Harriman family interests, brings deep expertise in the aerospace and defense sectors. Taran Bakker, Director of Tenax and Partner at NTC, welcomed the new relationship: “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.”

Navigating a Dynamic Aerospace & Defense Market

Tenax Aerospace's strategic repositioning comes at a pivotal time for the aerospace and defense industry. The sector is experiencing robust growth, fueled by rising geopolitical tensions, increased government defense budgets, and a pressing need for technological modernization. Simultaneously, the increasing frequency and intensity of natural disasters like wildfires have placed a premium on specialized aerial services. Tenax operates at the confluence of these powerful trends.

The company's focus on enduring special mission programs, rather than volatile production cycles, provides a stable foundation for growth. The demand for ISR capabilities and aerial firefighting assets is not cyclical but is driven by persistent national security threats and environmental challenges. With its consolidated ownership under NTC Group and a clear financial runway provided by its new partners, Tenax is well-positioned to not only meet current demand but also to innovate and expand its service offerings. This financial flexibility allows for strategic investments in next-generation aircraft and sensor technologies, ensuring the company remains a leader in a competitive field of over 190 other aviation service providers. The successful refinancing underscores investor confidence in Tenax's management, its market position, and its capacity to execute on long-term contracts critical to the public interest.