Armour manufacturer’s assets acquired out of administration
Thu, 13 Jun 2024 | BUSINESS SALE
The assets of an armour manufacturer have been acquired out of administration following the company’s collapse earlier this year. Jankel Armouring Limited fell into administration in February, impacting contracts with customers including the UK Ministry of Defence as well as the company’s production line.
Alvarez & Marsal Europe were appointed as administrators and have now completed the sale of the company’s assets to NP Aerospace, with the deal expected to create and/or sustain approximately 60-70 skilled jobs.
NP Aerospace has secured talent from the company’s original staff, including engineers and executives with critical knowledge of the acquired assets. Assets acquired include Jankel’s intellectual property, patents and inventory and rights to transfer, assign and/or novate existing contracts.
The deal will enable NP Aerospace to integrate Jankel’s vehicle product and support line into its existing portfolio. Jankel’s production line develops tactical vehicles, civilian armoured vehicles (CAVs), life support services, armour technologies and seating systems.
Following approval from the UK National Security and Investment Act (NSIA), NP Aerospace can now formally engage with key customers regarding the delivery of former Jankel contracts and bring production programs through to conclusion in the UK.
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 continued: “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, added: “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.”
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