TENAX AEROSPACE ACQUIRED BY NTC GROUP FOR $220 MILLION
Madison, Mississippi, January 09, 2018 — Tenax Aerospace announced today that it was acquired by the NTC Group, Inc. of Greenwich, Connecticut for $220 million. In addition to financing provided by NTC Group, the acquisition was financed by Regions Bank, Global Jet Capital and Bain Capital Credit.
Tenax was founded in 2004 and wholly-owned by JL Holloway and his son, Greg Holloway, at the time of sale. Holloway commented on the sale of Tenax, “I am very pleased that Tenax will be in good hands with its new owners NTC Group who are experienced operators in the aviation and aerospace sectors. Tenax and NTC have worked closely together over the last six months to ensure a seamless transition for Tenax’s customers and employees. I am proud of the team that has built Tenax into what it is today and know that the Tenax team, working with NTC, will continue Tenax’s exciting growth plans.”
Tom Foley, Chairman of NTC said, “Tenax is an extraordinary company with an exceptionally talented management team. Strong roots in Madison, MS, highly disciplined business development and program management teams and an outstanding growth and performance record are what attracted us to Tenax. Joining these with NTC’s aerospace experience and access to capital are a compelling combination. We look forward to growing the business and continuing to provide value and excellent service to our U.S. Government and other customers.”
Tenax Aerospace, LLC is a privately held business that provides turn-key aviation services to help U.S. Government agencies meet their aircraft mission needs. Since 2004, Tenax has leased and supported specially modified fixed and rotary wing aircraft for demanding missions within the Department of Defense, Federal Aviation Administration, Department of Justice, Department of Agriculture, and within the Intelligence Community. Tenax provides a wide range of services including leasing, maintenance, logistics, aircrew and technical support. Tenax is headquartered in Madison, Mississippi.
NTC Group is an investment and management services company based in Greenwich, CT. NTC organizes and oversees acquisitions of controlling interests in operating companies. NTC has had a presence in the aviation services sector since 1989 through its common ownership with Stevens Aviation of Greenville, South Carolina.