Ballistic armour manufacturer NP Aerospace of London, Ont. secures financing from BDC Capital for buyout by CEO

LONDON, ONTARIO, February 3, 2022 – London, Ontario’s NP Aerospace, which manufactures innovative vehicle and personal ballistic armour and bomb disposal suits for military and law enforcement use, has secured non-dilutive financing from BDC Capital’s Growth & Transition Capital division to fund CEO James Kempston’s acquisition of the shares of partner PFN Group of Companies. This transaction, which takes place in the context of the deployment of a new strategic plan, has resulted in the consolidation of the ownership of NP Aerospace with Kempston.

In 2018, Kempston, then an employee of NP Aerospace, and PFN Group of Companies purchased NP Aerospace from its previous owner as they saw value in the company’s IP portfolio and customer relationships as well as a substantial untapped potential. The company was reinvigorated with Kempston as CEO and sales during the two years that followed rose dramatically. Customers include defence and law enforcement agencies as well as military equipment suppliers in Canada, the United States, the United Kingdom, Australia and New Zealand. NP’s strategic plan aims to increase its North American presence, which is expected to lead to an expansion of operations at its London headquarters in the coming years.

NP Aerospace sought out BDC Capital’s patient and personalized financing solution in large part because of the greater flexibility it gave it to continue making investments during its upcoming growth phase. The funds were provided as a subordinated mezzanine loan featuring a generous capital repayment postponement and partial amortization designed to preserve as much of the company’s working capital as possible for the duration of the loan.

BDC Capital’s financing options and support for Canadian businesses provided NP Aerospace with the ability to continue our growth plans now and accelerate them into the future,” summarized Kempston. “BDC Capital’s innovative and structured approach aligns well with how we do business and as such was a great institution to work with.”

This transaction was completed by Marvin Junop and Martin Dudaniec, who are both Directors, Growth & Transition Capital at BDC Capital’s London office. “NP Aerospace has remained at the top of its field by maintaining its long-standing and impressive level of innovation and willingness to push the envelope when developing the next generation of equipment,” says Dudaniec. “James Kempston is a highly capable leader with a strong mix of technical, business development and strategic skills, who is supported by a top-notch management team. We are excited to partner with NP Aerospace and support their continued success in the years to come.”

About NP Aerospace

NP Aerospace is a global armour technology manufacturer and vehicle integrator with an extensive portfolio developed using ultra-lightweight, high-performance materials. Their products protect the lives of military and law enforcement personnel, enhancing security and resilience in high threat environments. The portfolio includes Ballistic Helmets and Shields, Explosive Ordnance Disposal (EOD) Suits, Body Armour Plates and Composite Armour for vehicles, vessels or aircraft. NP Aerospace has integrated and supported over 2,000 military vehicles and supplied one million combat helmets to the UK, Canada, Italy and NATO allies and 200,000 body armour plates to British and Canadian Armed Forces. To find out more visit

About BDC Capital

BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit


Your privacy

BDC uses cookies to improve your experience on its website and for advertising purposes, to offer you products or services that are relevant to you. By clicking ῝I understand῎ or by continuing to browse this site, you consent to their use.

To find out more, consult our Policy on confidentiality.