Squire Patton Boggs has advised NatWest on the provision of more than £30 million in funding to support NP Aerospace’s acquisition of US-based armour manufacturer Iten Defense. Backed by UK Export Finance, the funding will support NP Aerospace’s international growth strategy and strengthen its position in key global defence markets.
The funding package includes a £19 million trade loan and a £7.5 million term loan and will also provide 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.
The cross-border team was led by Financial Services partner Alison Davidson-Cox, and included associate Scarlett Culliney, with US advice provided by partner Pat Burke and associate Zachary Hofstetter from the firm’s Cleveland office.
William Jones, relationship director at NatWest, said: “Transactions of this nature rely on strong collaboration between advisers, financiers and clients. Working alongside Squire Patton Boggs, we were able to support NP Aerospace’s acquisition of Iten Defense and help the business take another important step in its international growth journey.”
Founded 100 years ago in Coventry, 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. The company works with defence customers in the UK and internationally, supplying advanced protection solutions and specialist engineering expertise.
