The defense equipment manufacturing industry in Benelux focuses on creating and supplying technologies essential for national security. Companies in this sector manufacture everything from communication systems to armored vehicles. Luxembourg, Belgium, and the Netherlands are home to both established firms and innovative startups, often collaborating on projects with militaries and security organizations. Recently, there's been a noticeable shift towards integrating new technologies such as AI and drones to meet modern defense requirements. The industry's growth is fueled by rising defense budgets and a heightened emphasis on cybersecurity, making it a pivotal sector for economic and strategic development.


The investor landscape in the Benelux defense sector features a mix of corporate giants and agile private equity firms, primarily headquartered in Luxembourg and the Netherlands. Investors range from large entities with thousands of employees like SES and Damen to smaller firms like Keen Venture Partners. Founded between 1927 and 2021, these investors collectively recorded numerous deals in 2024, showcasing their active engagement in the market. With funds directed towards innovative technologies and established defense capabilities, these investors play a crucial role in shaping the future of the industry.


Top 10 Defense Equipment Manufacturing Investors in Benelux


1. Boundary Holding


Boundary Holding is a Luxembourg-based venture capital firm founded in 2016, specializing in deep tech investments that drive the 4th industrial revolution. They provide funding and strategic support to startups primarily in the AI and technology sectors. Among their notable transactions, they have invested in CerbAir, a French company that specializes in anti-drone solutions, securing €5.5 million in funding to enhance its offerings in the defense and security domain. Other investments include Elistair and Aeraccess, which also operate in technology sectors that may intersect with defense applications. Despite their broader focus on technology, their involvement in defense-related startups indicates a potential interest in the defense equipment manufacturing industry.


2. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux, a private equity firm based in Amsterdam, specializes in acquiring and managing companies in transition. Founded in 2021, the firm focuses on providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has made strategic acquisitions that extend into the defense equipment manufacturing sector, such as the acquisition of Steyr Motors Betriebs GmbH from the Thales Group, which was completed on November 30, 2022. This acquisition highlights Mutares' interest in the defense industry. Additionally, their acquisition of Special Melted Products, which enhances their engineering and technology segment, further demonstrates their capability to manage companies that may have defense applications. Overall, Mutares Benelux is positioned as a versatile investor with a growing footprint in the defense equipment manufacturing space.


3. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. It specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC focuses on delivering sustainable value and growth through strategic investments. Among its notable transactions, CVC acquired Praesidiad, a company known for its security solutions, in November 2014, and Ontic Engineering and Manufacturing, Inc., an aerospace parts manufacturer, for $1.365 billion in July 2019. These acquisitions highlight CVC's engagement in sectors that are integral to defense and aerospace, reinforcing its relevance in the defense equipment manufacturing landscape.


4. SES Satellites

  • Website: ses.com
  • Type: Corporate
  • Headquarters: Betzdorf, Grevenmacher, Luxembourg
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: ses

SES S.A. is a satellite telecommunications provider based in Betzdorf, Luxembourg, founded in 1985. The company operates a fleet of over 70 satellites, offering a range of services including video broadcast and data connectivity solutions across various sectors such as broadcasting, government, and maritime. Notably, SES has made significant strides in the defense sector through strategic acquisitions. In August 2022, SES, via its subsidiary SES Government Solutions, acquired DRS Global Enterprise Solutions from Leonardo DRS for US $450 million, aiming to bolster its satellite communications capabilities for the US Government. Additionally, SES Astra acquired a 74.9% stake in ND Satcom in 2006, further enhancing its presence in the government market. These transactions highlight SES's commitment to providing reliable communication solutions for defense and governmental applications, positioning it as a relevant player in the defense equipment manufacturing landscape.


5. Triton Partners


Triton Partners is a private equity investment firm founded in 1997, based in Luxembourg, specializing in private equity and credit investments in European mid-market businesses. The firm focuses on sectors such as Business Services, Industrial Tech, and Healthcare, providing operational expertise and capital to help companies unlock their full potential. Notably, Triton has been involved in several significant transactions relevant to the defense equipment manufacturing context, including the acquisition of MacGregor, a cargo handling specialist, for EUR 480 million, which is expected to close by July 1, 2025. This acquisition aligns with defense logistics and equipment handling needs. Additionally, Triton acquired DYWIDAG-Systems International, a leading systems supplier in civil engineering and underground construction, which may also have applications in defense infrastructure. These transactions highlight Triton's capability to invest in companies that could serve the defense sector, despite their broader investment strategy.


6. Alpha Intelligence Capital


Alpha Intelligence Capital is a venture capital firm based in Luxembourg, founded in 2018, that specializes in investing in AI-first companies. They provide funding and strategic guidance to startups in the artificial intelligence and machine learning sectors, helping them to innovate and grow. Their focus on deep technology investments positions them as a key player in the AI landscape. Notably, Alpha Intelligence Capital has been involved in several transactions that intersect with the defense sector, including investments in Lassen Peak, which is developing a handheld radar system for concealed weapon detection, and ZeroEyes, which offers an AI-enabled weapons detection solution. These investments highlight their engagement in technologies that are applicable to defense and security, showcasing their broader interest beyond just AI.


7. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm founded in 2019, based in Luxembourg and the Czech Republic. The firm specializes in venture capital and impact investing, focusing on creating positive economic impacts through strategic investments. In 2020, they participated in a funding round for CerbAir, a French company that is a leader in anti-drone solutions, securing €5.5 million to enhance its offerings in the defense and security sector. This investment highlights Ilavska Vuillermoz Capital's engagement in the defense equipment manufacturing industry, alongside its broader investment strategy that includes various sectors.


8. Damen

  • Website: damen.com
  • Type: Corporate
  • Headquarters: Gorinchem, South Holland, Netherlands
  • Founded year: 1927
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: damen-shipyards

Damen Shipyards Group, founded in 1927 and based in Gorinchem, South Holland, Netherlands, is a prominent corporate investor in the shipbuilding and engineering sector. The company specializes in designing and constructing a diverse range of vessels, including tugs, workboats, and notably, defense vessels. Damen serves various industries, including maritime transport and defense, and offers services such as ship repair, lifecycle support, and financing. A key transaction that underscores Damen's involvement in the defense sector is their agreement with the Royal Bahamas Defence Force, where they signed a letter of intent for the acquisition of nine long-range patrol vessels and the construction of three naval bases. This deal is part of a broader six-year acquisition program, showcasing Damen's commitment to supporting defense capabilities. Additionally, Damen's strategic acquisitions, such as the majority stake in Daewoo Shipbuilding & Marine Engineering's Mangalia shipyard and the acquisition of the Dutch ship repair yard D. van de Wetering, enhance their service offerings and operational capabilities in both commercial and defense maritime sectors. Damen operates globally with a focus on sustainability and innovation, making them a relevant investor in the defense equipment manufacturing landscape.


9. Mainport Innovation Fund


Mainport Innovation Fund is a venture capital fund based in Amstelveen, North Holland, Netherlands, founded in 2009. The fund aims to accelerate innovation in sustainable mobility, logistics, and aviation, providing funding and support to startups that create climate impact solutions. Notable transactions include an investment in Eye on Air, where the fund, along with private investors, contributed EUR 1.8 million for the development of technology for fast screening for explosives, highlighting its engagement in projects with defense implications. Additionally, the fund has invested in Robin Radar Systems, which may have applications in surveillance and security, further indicating its potential relevance to the defense sector. However, the fund's primary focus remains on sustainable innovations, which may limit its overall alignment with defense equipment manufacturing.


10. Keen Venture Partners


Keen Venture Partners is a venture capital firm based in Amsterdam, North Holland, Netherlands, founded in 2014. The firm specializes in investing in early-stage technology companies across Europe, with a focus on sectors such as Productive AI, Defense Tech, and Financial Operations. In 2024, Keen Venture Partners was involved in notable transactions, including Avalor AI, which raised approximately $2.15 million in a seed round, and Perciv AI, which raised about $2.62 million in another seed round. Their engagement in Defense Tech highlights their commitment to supporting innovative startups that may contribute to the defense equipment manufacturing industry, providing both capital and strategic support to help these companies grow and succeed.



Defense Equipment Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Boundary HoldingLuxembourg11-5020160
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
CvcLuxembourg1001-5000200516
SES SatellitesBetzdorf, Grevenmacher, Luxembourg1001-500019852
Triton PartnersLuxembourg201-50019976
Alpha Intelligence CapitalLuxembourg11-5020186
Ilavska Vuillermoz CapitalLuxembourg11-5020193
DamenGorinchem, South Holland, Netherlands10001+19271
Mainport Innovation FundAmstelveen, North Holland, Netherlands11-5020090
Keen Venture PartnersAmsterdam, North Holland, Netherlands1-1020147


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