Investment focus
What we look for
We partner with profitable SMEs and scale-ups in Defence, Security and Aerospace across Northwestern Europe - businesses providing a mission-critical need, with clear potential to scale.
We know where value resides
Dedicated sector focus
Full value-chain investment focus, from component and subsystem suppliers to integrators, niche OEMs and service providers.
B2G & B2B · dual-use & single-use
Domains
Capability areas
End markets
Select a domain and capability area to see where we focus – many capabilities span more than one. Non-exhaustive.
- C4ISR & communications
- Protection & tactical equipment
- C-UAS & detection
- Cyber & software
- Maritime systems
- Sensors & optronics
- Uncrewed systems (UAS · UGV · USV)
- Embedded electronics & EW
- PNT & geospatial
- Training & simulation
- MRO & sustainment
- Components & advanced manufacturing
- Space
Investment criteria
Our focus
We look for founders and management teams who want a partner that brings more than just capital, who value deep collaboration, real industry expertise, and strategic sounding. Whether preparing a full exit, pre-exit, or accelerating growth: our involvement is tailored to the team and its ambition.
- Geography
- Benelux · Nordics · Germany Selective elsewhere in Northwestern Europe
- Company type
- SMEs · Scale-ups For scale-ups, we specifically target innovative technologies Europe has long sourced externally: mission-critical capabilities that now demand a sovereign industrial base.
- Financial criteria
- €0m-€5m EBITDA † €5m-€15m equity ticket per transaction
- Investment type
- Buy-out & growth capital Majority and minority (preference for majority)
EBITDA range can extend up to €10m with co-investment.
Our sweet spot
The business models we look for
We target robust, resilient business models with strong value-add and qualification barriers.
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A mission-critical need
Delivered as a sub-system, end-product or value-add service the end-user cannot do without.
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Order-book visibility
Underpinned by supply-chain integration and/or framework contracts.
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Diversified exposure
To multiple platforms, theatres (land, naval, air) and/or customers; both B2G and B2B.
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Clear scope to scale
Potential for professionalisation, organic growth and/or buy-and-build.
Our portfolio
No investments are public yet. Portfolio announcements will follow in due course.
