Tenax Aerospace, a provider of special mission aircraft and related services to the U.S. government and commercial customers, completed the refinancing and buyout of its junior capital partner, Bain Capital Credit. This strategic transaction finalizes Bain Capital’s investment and consolidates NTC Group’s ownership of Tenax.
“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,” Tom Foley, chairman of NTC and Tenax, said. “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,” Matt Evans, a partner at Bain Capital, said.
“We’re glad to have returned capital to our investors and bring this investment to a successful close,” Michael Ewald, a partner and global head of Bain Capital’s private credit group, said.
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.
