According to PFN, the transaction, for an undisclosed sum results in James Kempston increasing ownership from 50 per cent to 100 per cent of the business.
PFN revealed plans to divest NP Aerospace in July 2020 as part of its strategy to focus on military and defence closer to home with its 100 per cent owned company Pro Metal Industries.
NP Aerospace was owned by Malvern-based Morgan Advanced Materials until 2018 when it was sold rebranded as NP Aerospace.
The company is a leading developer of advanced low weight, high performance armour systems for personal and platform, the integration of military vehicle systems and delivering complete turnkey composites engineering services for commercial applications.
It has more than 90 years of experience, providing high strength, light weight, fatigue resistant products manufactured from the world’s most advanced composite materials.
In the company’s last registered accounts, NP Aerospace increased its turnover from £14 million to more than £23 million for the year ended 31 December 2020.