NP Aerospace, the global armour manufacturer and vehicle integrator based in the UK and Canada has secured funding support of more than £30 million from NatWest, backed by UK Export Finance (UKEF), to acquire Iten Defense in support of its international growth ambitions in key global defence markets. The acquisition from Edgewater Capital Partners and other minority shareholders completed on 10th September.
The funding package includes a £19 million trade loan and a £7.5 million term loan and has supported NP Aerospace's acquisition of U.S. based armour manufacturer Iten Defense, while also providing additional working capital to support the company's continued growth. UK Export Finance is supporting the transaction through a guarantee on the working capital facility, helping unlock additional funding to support the company's international growth plans.
Founded in Coventry in the UK 100 years ago, NP Aerospace has evolved into a leading provider of personal protection and platform armour solutions and military vehicle integration and engineering services with two sites in the UK and one in London, Ontario, Canada. Today, the company works with defence customers in the UK and internationally, supplying advanced protection solutions and specialist engineering expertise.
The acquisition of Ohio-based Iten Defense marks a significant milestone in NP Aerospace's growth journey, providing a strategic foothold in the United States and creating new opportunities to expand its customer base and manufacturing capabilities across North America and add new products & capabilities across land, maritime and aerospace applications.
Under the leadership of CEO James Kempston, the business has experienced significant growth and is forecast to increase turnover from approximately £135 million in 2026 to around £160 million across its UK and North American operations in 2027.
The transaction highlights the strength of the UK and the West Midlands' advanced manufacturing and defence sectors, with businesses such as NP Aerospace combining engineering expertise, innovation and international ambition to compete successfully on the global stage.
NP Aerospace continues to develop innovative protection technologies, including pioneering body armour solutions and advanced vehicle protection systems, while building long-term relationships with defence organisations in the UK and overseas.
James Kempston, Chief Executive Officer at NP Aerospace, said: "Completing This acquisition is a significant milestone for NP Aerospace as we expand our global enterprise. It strengthens our position in a key international market and enhances our ability to deliver advanced protection and engineering solutions to defence and law enforcement customers around the world.
"We've built a strong business from our Coventry base and this investment supports our ambition to continue innovating, expanding our capabilities and creating long-term opportunities from the West Midlands."
Fiona Begley, Export Finance Manager at UK Export Finance, said: "The UK defence sector is home to some of the world's most innovative manufacturers and engineering businesses. Supporting companies such as NP Aerospace to compete internationally helps strengthen UK capability, creates opportunities for growth and showcases British expertise on the global stage."
William Jones, Relationship Director at NatWest, said: "The West Midlands has a proud history of advanced manufacturing and engineering, and NP Aerospace is a modern example of that heritage being translated into global success."Its growth creates opportunities for innovation, investment and highly skilled employment in the region, and we're proud to support the management team as they continue to build an international business from Coventry."
The funding underlines NatWest's ongoing support for the defence, manufacturing and engineering sectors, helping businesses access the capital required to pursue acquisitions, invest in growth and compete internationally.
As NP Aerospace enters its next phase of development, the acquisition provides a platform for further expansion while reinforcing Coventry's reputation as a centre for advanced manufacturing, engineering excellence and innovation.
NP Aerospace has two manufacturing facilities in Coventry, UK (JPEG, 1.5 MB)
For further press information, please contact Jessica Barker, Corporate Affairs Manager at NatWest: jessica.barker@natwest.com
