CIEL Defence and ASELSAN Sign MoU to Advance Canadian Defence Industrial Cooperation

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Postmedia has not reviewed the content. by Business Wire CIEL Defence and ASELSAN Sign MoU to Advance Canadian Defence Industrial CooperationAuthor of the article:Ahmet Akyol (ASELSAN) with David Albo (CIEL Capital) Business WireCanadian long-term investor and international defence technology company to explore opportunities for technology transfer, domestic manufacturing and Canadian-owned industrial development.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTORONTO — CIEL Defence Inc., the defence-focused investment arm of Canadian private investment firm CIEL Capital Inc. (“CIEL Capital”), has signed a memorandum of understanding (“MoU”) with ASELSAN to explore opportunities to develop majority Canadian-owned defence industrial capabilities. The agreement was signed on October 23, 2026.This advertisement has not loaded yet, but your article continues below.CIEL Defence is CIEL Capital’s defence-focused investment arm, built around long-term Canadian ownership and the development of industrial capability at home. Our agreement with ASELSAN is a framework for exploring future cooperation in Canada.ASELSAN, a publicly traded Türkiye-based defence technology company ranked 40th in the 2026 Defense News Top 100 and employing 15,000 professionals, is Türkiye’s largest defence contractor and its most valuable company by market capitalization.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe agreement establishes a framework to evaluate opportunities for technology and know-how transfer, domestic manufacturing and assembly, systems integration and Canadian supply-chain development. The companies intend to identify opportunities that could support industrial production and skilled employment in Canada. Individual investments and projects would proceed under separate commercial agreements.For CIEL Capital, the agreement represents an extension of an investment model developed over more than a decade. Founded by Wayne and David Albo in 2012, the Canadian family-backed group has grown into a portfolio of Canadian businesses employing approximately 700 people and generating approximately CAD $200 million in combined annual revenue across its portfolio of investee companies. The firm focuses on investing in and growing established Canadian small and medium-sized enterprises, including in defence and critical infrastructure. CIEL Capital invests patient family capital and holds businesses for the long term without predetermined exit timelines. This approach gives its investee companies time to invest in facilities, develop their people and expand capabilities to build enduring value for Canada.CIEL Capital is the owner of HFI Pyrotechnics Inc. (“HFI”), a manufacturer of pyrotechnic search and rescue and training devices for Canada and its NATO allies. Founded in 1873, HFI has more than 150 years of operating history in Canada and is a member of Canada’s Munitions Supply Program. Under CIEL Capital’s ownership, HFI has expanded its industrial footprint to approximately 3,000 acres of land approximately 45 minutes south of Ottawa in Prescott Ontario to support significant expansion plans.“Canada needs a defence industrial base built on well-capitalized Canadian companies with owners and partners dedicated to building sovereign capability through IP development,” said David Albo, Founder and Managing Partner of CIEL Capital. “That is how we built CIEL, and we’ve seen what that approach can accomplish across our businesses. It matters in defence, where building industrial capability takes capital, IP ownership, operating experience, and a long-term approach. ASELSAN brings the scale and expertise of a world-class defence technology company. Together, we now have a framework to explore what can be built and sustained in Canada, under Canadian ownership.”This advertisement has not loaded yet, but your article continues below.“Canada is a priority market for ASELSAN, and we welcome the opportunity to strengthen the strategic partnership between Türkiye and Canada. Our cooperation with CIEL Capital reflects our commitment to building a lasting presence in Canada through potential areas of collaboration, joint production and joint marketing. We are ready to invest in Canadian talent and build a sustainable business that creates long-term value for both companies and our countries,” said Ahmet Akyol, ASELSAN President & CEO.CIEL Capital is a Canadian-owned private investment firm founded in 2012 by Wayne and David Albo. It acquires, operates and grows established Canadian small and medium-sized businesses.The firm invests long-term family capital without a fixed fund life or predetermined exit timetable, supporting its businesses through investment, operating experience and growth.Its portfolio includes eight operating businesses employing approximately 700 people and generating nearly CAD $200 million in combined annual revenue across defence, critical infrastructure and other industrial and service sectors.Through CIEL Defence, the group is pursuing opportunities to build and expand Canadian-controlled defence industrial capabilities, drawing on its investment and operating experience and relationships with international technology providers.CIEL Defence Inc. is CIEL Capital’s defence-focused investment arm.Founded in 1975, ASELSAN is Türkiye’s leading defense company, combining five decades of engineering excellence with a growing global presence. The company delivers innovative products, services, and integrated system solutions for critical military and industrial missions, with core competencies in radar, electronic warfare, guidance, electro-optics, and information and communication technologies. Beyond defense, ASELSAN also provides high-value solutions in civilian fields such as transportation, security, automation, and healthcare. Powered by 15,000 highly skilled professionals, ASELSAN exports its products and systems to 99 countries and maintains a direct presence in 25 countries, operating as a trusted global solution provider.View source version on businesswire.com: This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.