Discovery Air Defence re-emerges as Top Aces

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By Ted Liu

Discovery Air Defence Services Inc., a portfolio company of Clairvest Group Inc. (TSX: CVG), has re-emerged as Top Aces Inc.

Founded in 2000, Dorval, Quebec based Top Aces was acquired by Discover Air Inc. (TSX: DA.DB.A) for $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]66.2 million in August 2007, consisting of cash consideration of $35.6 million, including costs of acquisition, and 20 million common shares valued at approximately $30.6 million.[/mepr-active]

Top Aces was later rebranded Discovery Air Defence Services Inc.

On December 14, 2017, Discovery Air Inc., a company wholly owned by Clairvest Group, sold 16% stake in Top Aces to U.S. institutional investors for $25 million, valuing Top Aces at $156.25 million. Discovery Air continues to own approximately 10% of Top Ace.

Con-current with the financing, Clairvest Group exercised a pre-existing optional conversion feature and converted $60 million secured debt for 74% of Top Ace.

photo credit: Top Aces

News Release

Discovery Air Defence Announces Corporate Rebranding, Re-emerges as Top Aces

Montreal, February 1, 2018 – Top Aces Inc. (“Top Aces”), formerly Discovery Air Defence Services Inc., today announced the return to the company’s original name. With an unparalleled record of flight safety and safety-first culture, Top Aces has the experience that matters. It has flown 68,000-plus accident-free flight hours and is the exclusive adversary air provider to the Australian, Canadian, and German armed forces.

“2018 is a very exciting year for Top Aces and the global adversary air industry,” said Paul Bouchard, President of Top Aces. “This rebrand builds on our proud history. It aligns our geographical brands into one to provide the world’s most advanced adversary air solutions to prepare Western aircrews for today’s new threats.”

The refreshed logo represents a modern visual identity. Stylized in red and blue colours, the wordmark highlights the role of Red Air and Blue Air in the world of adversary air training.

  • Discovery Air Defence Services Inc. has re-emerged as Top Aces Inc.
  • Aligns all geographical brands to one global brand, serving the world’s leading air forces
  • Facilitates stronger participation in the global adversary air market by connecting the company’s unrivalled past performance in safety, experience and innovation with the next-generation of Contracted Airborne Training Services in Canada
  • As the world’s most experienced adversary air training provider, Top Aces will be fielding advanced 4th generation supersonic aggressor aircraft for service

An Experienced Name in Adversary Air

Since 2005, Top Aces has provided airborne training to the world’s leading air forces. With its unparalleled safety record and an industry-leading 68,000 hours flown in support of its customers worldwide, Top Aces has the experience that matters.

Clairvest Group Inc. has been a long-term investor in Top Aces. Discovery Air Inc. and Clairvest had announced in December 2017 a conversion of debt to equity. Clairvest and its affiliates are significant owners of the company along with U.S. institutional investors which participated in an equity financing also in December.

Fourth Generation Aggressor Aircraft for the World’s Leading Air Forces

In addition to its current services, Top Aces is preparing to introduce the next generation of adversary services using advanced 4th generation supersonic aggressor aircraft. Flown by highly experienced Top Gun and Fighter Weapons Instructor pilots, and equipped with advanced radar and electronic attack (EA) systems, as well as other advanced on-board systems, Top Aces offers the ideal adversary solution for today’s warfighters. Top Aces operates from Main Operating Bases located in Australia, Canada, Germany and the United States.

About Top Aces

Top Aces and its U.S. subsidiary, Top Aces Corp., employ the world’s largest privately-held operational fleet of fighter aircraft to provide advanced adversary and JTAC services across three continents. The mission-critical training provided enhances the operational readiness of allied air forces worldwide. To learn more on how Top Aces is changing the face of air combat training, visit

For Further Information

Garrick Ngai
Director of Marketing
+1 514-694-5565