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CIEL Defence Inc., the defence-focused investment arm of Canadian private investment firm CIEL Capital Inc., 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.
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.
The 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.”
“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.
