ITPS Canada lands $90 million credit facility to fuel expansion

ITPS Canada has secured a new $90 million senior secured credit facility led by RBC and Export Development Canada to support growth across its training and engineering businesses. The financing will help fund a new North Bay site, ongoing London expansion and future aircraft additions as the company scales its defense training footprint.

Why it matters: - The new financing gives ITPS Canada capital to expand capacity as demand rises for advanced military tactical training and flight test services. - The deal also supports Canada’s broader aerospace and defense ecosystem by backing a domestic firm serving allied air forces. - The facility includes an option to upsize, giving ITPS Canada room to keep growing.

What happened: - ITPS Canada announced a new $90 million senior secured credit facility led by RBC and Export Development Canada. - The financing will support the company’s continued growth across the International Test Pilots School, the International Tactical Training Centre and a new engineering division. - The company will use the facility for a new North Bay, Ontario site, expansion of its London, Ontario location, construction of a new engineering facility and general corporate purposes.

The details: - The new North Bay footprint is intended to support ITTC’s fleet growth to as many as 20 L-39 aircraft by the end of 2027. - ITPS Canada also plans to add six M-346 T Block 20 jet trainers ordered from Leonardo in May 2026. - Those M-346 aircraft are expected to enter service starting in 2029. - Dave Lohse, ITPS Canada’s CEO, 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 RBC is supporting the company as it scales Canada’s sovereign defense sector. - Guillermo Freire, EDC’s senior vice-president for the mid-market group, said the company is helping showcase Canadian defense and aerospace expertise globally. - ITPS Canada says it has more than 25 years of experience in advanced flight test and tactical training. - The company says it has trained personnel from more than 29 air arms and currently supports tactical training demand for NATO, Five Eyes and allied air forces from its North Bay base. - Origin Merchant Partners served as financial advisor on the transaction. - 43North Group acted as consultant to ITPS Canada. - Fasken served as legal counsel to ITPS Canada.

Between the lines: - The financing signals lender confidence in a niche defense-training business that is moving beyond training into engineering and sustainment services. - The North Bay buildout suggests ITPS Canada is positioning for larger fleet operations and deeper long-term contracts, not just incremental growth. - The involvement of RBC and EDC underscores official support for companies that can strengthen domestic defense capability while selling into international markets.

What’s next: - ITPS Canada plans to keep expanding in North Bay and London as it builds out engineering capacity. - The company expects the new aircraft and facility investments to support future tactical training demand through 2027 and beyond. - The M-346 fleet is expected to start entering service in 2029.

The bottom line: - ITPS Canada has locked in major financing to scale a growing defense-training platform, expand its footprint and prepare for a larger fleet and broader service mix.