Armour manufacturer acquired out of administration by global player
NP Aerospace has purchased the assets of an armour manufacturer after it entered administration.
Jankel Armouring collapsed in February, appointing Alvarez & Marsal Europe as administrators.
Its demise impacted contracts with key customers including the Belgian Ministry of Defence and the UK Ministry of Defence as well as its production line which develops tactical vehicles, civilian armoured vehicles (CAVs), armour technologies, seating systems and life support services.
After receiving UK National Security and Investment Act (NSIA) approval, NP Aerospace can now formally engage with key customers, bringing production programs through to a successful conclusion onshore in the UK.
NP Aerospace has been successful in securing talent from the original Jankel Armouring staff, including pivotal engineers and critical executives with the required knowledge of the acquired assets. In addition, it is expected that the acquisition will create and/or sustain around 60-70 skilled jobs.
The acquisition does not include any aspect of, or formal relationship with the US-based Jankel business, including Jankel Tactical Systems and does not include any liability to former creditors, which sits in the hands of the joint administrators, Alvarez and Marsal.
James Kempston, NP Aerospace CEO, commented: “The announcement of the acquisition of Jankel Armouring Limited’s assets marks a significant phase of growth for the company, creating additional value for customers through new business synergies.”
He added: “Our immediate priority is to push forward with existing customer contracts and deliver successful programmes to a global customer base. Beyond that, this announcement is good news for the defence industry, enabling continuation of capability, products and supply, whilst enhancing a very strong global defence export line, under the NP Aerospace brand.”
Mike Denny, Joint Administrator, Alvarez & Marsal Europe LLP, commented: “The completion of the sale of certain assets of Jankel Armouring Limited to NP Aerospace will provide continuity to its customer base and create new opportunities for some of its skilled workforce. We are confident that the business will thrive under the ownership of NP Aerospace.”
