DEFENCE
Canadian investor in defence. Permanent capital.
Long-term commitment.
Canada’s Defence Supply Chain is Being Reshaped
NATO rearmament, continental defence priorities, and decades of underinvestment have created a generation of demand for the companies that build, maintain, and equip Canada’s military. The question is who will own and scale these businesses.
We intend to be part of that answer.
CIEL is one of the few fully Canadian private investors with a track record in defence. We invest permanent, Canadian-controlled capital. We have been in this sector for years, investing, building, and exiting alongside founders who trusted us with their life’s work. We are not new to this, and we are not leaving.
Why
Canadian
Capital
Matters
Most private capital in the defence sector flows from outside Canada. That creates a structural problem for founders of Canadian defence businesses: sell to a foreign buyer and risk losing control of the capability that Canada needs to keep at home.
CIEL is Canadian-controlled permanent capital. We are not a fund with a clock. We are not an offshore buyer repackaging Canadian capability for another market. We exist to keep critical businesses in Canadian hands, under Canadian ownership, serving Canadian and allied defence needs for the long term.
In a sector where controlled goods, security clearances, and government trust matter, that is not a talking point. It is a structural advantage for the companies we partner with.
What We
Look For
Businesses that are critical in their value chain. High cost-of-failure, hard to replace, with durable value to the customers who depend on them.
We look for companies embedded in long-cycle programs, with real contract visibility and deep customer relationships. Not flashy startups. Companies that defence relies on.
We are also open to strong industrial and services businesses looking to expand into defence where a credible path exists. We have the relationships to help make that transition real.
We lead with importance in the value chain, not sector labels.
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Defence manufacturing and critical supply chains
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Munitions, energetics, and other highly regulated consumables
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Sustainment, maintenance, repair, and overhaul
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Training and readiness enablers
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Specialized components and systems embedded in major programs
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Dual-use industrial capability with a credible path into defence
This is not an exhaustive list. If you build something Canada’s defence capability depends on, we want to hear from you.
What We
Look For
TRACK RECORD
HFI Pyrotechnics
Canada’s pyrotechnic centre of excellence and one of the few Red Phosphorus-licensed facilities in North America. HFI manufactures specialized pyrotechnic and munitions products for Canadian DND, the US Navy, and NATO allies, and is a member of the Canadian Munitions Supply Program.
HFI operates from a strategic land position of nearly 3,000 acres, providing the regulated infrastructure and compliance envelope required for scaled munitions manufacturing, storage, and lifecycle services. The barriers to entry in this space are high, and HFI’ capability set is not easily replicated.
HOW
WE WORK
We back management teams. We provide the capital, the network, and the operating support to help defence businesses scale, win new programs, and build long-term value.
That means helping companies invest in capacity, strengthen their teams, expand internationally, and navigate the procurement and compliance landscape that defines this sector. We have done it before, and we bring the relationships and the patience to do it well.
We are not passive capital. We are not short-term capital. We are a partner that stays, builds, and earns the right to be trusted by the people and institutions that matter in Canadian defence.
Defence
Advisory
Board
IN-HOUSE ADVISORY EXPERTISE
CIEL has advisory boards across its portfolio companies, drawing on deep industry expertise to strengthen judgment and execution across our businesses. We have built the same capability in defence, with purpose.
EXPERIENCED DEFENCE LEADERSHIP AND INSIGHT
The CIEL Defence Advisory Board includes former senior government leaders, defence industry CEOs, and former military and special operations professionals. The board supports deal origination, diligence, and long-term value creation in a sector where relationships and trust define outcomes.
ESTABLISHED NETWORK WITHIN THE DEFENCE ECOSYSTEM
Beyond the board, we work with and consult a wide network of defence-specialized professionals, including government relations firms, accounting firms, and legal advisors who are deeply steeped in the Canadian defence ecosystem. We did not build this network overnight. It reflects years of operating in the sector and earning the trust of the people who know it best.
FOR FOUNDERS
You are not choosing a transaction. You are choosing what happens next.
Who controls the capability.
What happens to your people.
Whether the business stays rooted in Canada.
Whether the trust your customers placed in you is protected.
We invest permanent capital with no fund clock.
We align around legacy, not timelines. We are comfortable being the Canadian option when the alternative is selling critical capability offshore.
When a founder asks us
“What happens to my company after I’m gone,”
we have an answer they can live with.
That is why we are here.