ITPS Canada secures $90M debt facility to expand defence-training footprint
What's the deal? International Test Pilots School (ITPS) Canada has secured a $90 million senior secured credit facility led by RBCDealroom has a profile for this one. Try Dealroom → and Export Development Canada. The financing will fund growth across its training and engineering businesses.
What's the endgame? The company runs the International Test Pilots School, the International Tactical Training Centre and a new engineering division. It says it has more than 25 years of experience in advanced flight test and tactical training, and has trained personnel from over 29 air arms.
Where's the money going? ITPS Canada will use the facility for a new site in North Bay, Ontario, expansion of its London, Ontario location, a new engineering facility, and general corporate purposes. The North Bay footprint is intended to support fleet growth to as many as 20 L-39 aircraft by the end of 2027.
The expansion also underpins the addition of six M-346 T Block 20 jet trainers ordered from Leonardo in May 2026, which are expected to enter service starting in 2029. The facility includes an option to upsize, leaving room for further growth.
Why now? The financing gives ITPS Canada capital as demand rises for advanced military tactical training and flight test services. The company currently supports tactical training for NATO, Five Eyes and allied air forces from its North Bay base.
Chief executive officer Dave Lohse said the facility gives the company a capital foundation to expand North Bay operations and meet evolving tactical training demand from allied air forces. Niranjan Vivekanandan, RBC's executive vice president and chief operating officer for commercial banking, said the bank is supporting the company as it scales "Canada's sovereign defense sector."
Origin Merchant Partners served as financial advisor, 43North Group as consultant, and FaskenDealroom has a profile for this one. Try Dealroom → as legal counsel to ITPS Canada.
The signal: The deal reflects lender confidence in a niche defence-training business moving beyond training into engineering and sustainment services. Backing from RBC and EDC underscores official support for domestic firms that can strengthen Canada's defence capability while selling into international markets.
Read more: financetimesgazette.com
Image credit: Generated with Gemini
