Flat becomes the main owner of Defensor with an ownership stake of approximately 62.5 percent, according to a press release from the company. At the same time, Defensor acquires 70 percent of the shares in ArmaTech in Kungsbacka and in the ballistic protection manufacturer SAFE4U. The remaining 30 percent in each company is retained by the founders, who also become co-owners in Defensor.
– SAFE4U has always aimed to deliver ballistic protection of the highest quality to government customers, developed in Sweden and manufactured in Europe with European raw materials. Through Defensor, we gain the strength to meet growing demand, further develop our market-leading products, and in the long term strengthen Swedish production capacity at a time when origin and supply preparedness have become crucial for our customers, says Daniel Denvell, founder of SAFE4U.
According to Flat, Defensor will grow through further acquisitions and establish itself as a central player in the Nordic defense industry. The group is expected to generate approximately 410 million SEK in revenue by 2025, with an operating profit of 100 million SEK.
– Through Defensor, we are building an industrial group where prominent entrepreneurs together shape the next generation of the defense industry – fast, scalable, and adapted to the needs of the new era, says Flat Capital's chairman Sebastian Siemiatkowski.
ArmaTech's founder Jonas Jägerbring describes the deal as a step towards larger assignments and technically broader deliveries.
– Through Defensor, we gain even better conditions to continue growing, broaden our technical expertise, and take on larger and more complex assignments, he says in a press release from ArmaTech.
In connection with the deal, there are changes in management. Anders Rudén, currently deputy CEO of ArmaTech, takes over as the new CEO of the company. Max Jägerbring, currently CEO of ArmaTech, assumes the role of group CEO for Defensor.
The transaction is subject to customary regulatory approvals.