The defense equipment manufacturing industry in the Nordics plays a crucial role in ensuring national security and supporting international missions. Companies in this sector develop advanced military systems, ranging from aerospace technology and naval defense systems to cybersecurity and digital communications. With growing global tensions and increasing defense budgets, the industry is expanding rapidly. Many firms are focusing on innovative technologies, such as artificial intelligence and autonomous systems, to enhance their offerings. The shift towards modernization and sustainability reflects a commitment to creating efficient solutions, positioning the Nordics as a key player in global defense capabilities.


This article highlights notable investors in the defense sector throughout the Nordics. The roster includes private equity firms and corporate investors from Sweden, Norway, and Finland. Operating sizes vary from small private equity offices to large corporations with substantial workforces. Founded between 1814 and 2014, these firms have varying degrees of experience in the industry. In 2024, they collectively made notable investments, ensuring their influence on the evolving defense landscape. Keep an eye out for how these entities shape the future of defense equipment manufacturing.


Top 7 Defense Equipment Manufacturing Investors in the Nordics


1. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired EIS Aircraft Group in 2015, which includes companies that provide products and services for civil and military aviation, highlighting their involvement in the defense sector. Additionally, their recent acquisition of Zeus Industrial Products in December 2023 further showcases their active investment strategy, although the specific relevance to defense is less clear. Overall, EQT Group's diverse investment portfolio and specific transactions in the defense-related aviation sector position them as a significant player in the defense equipment manufacturing landscape.


2. Saab

  • Website: saab.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1937
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: saab

Saab AB is a prominent corporate investor based in Stockholm, Sweden, founded in 1937. The company is a leader in the aerospace and defense sector, providing advanced military defense systems and civil security solutions to a global market. Saab operates in over 30 countries, focusing on innovative technologies in aviation, radar, and missile systems. In recent years, Saab has made significant investments to enhance its capabilities in the defense sector. Notable transactions include the acquisition of ThyssenKrupp Marine Systems in 2014, which strengthened their naval defense capabilities, and the acquisition of Blue Bear Systems Research in 2023, aimed at enhancing their autonomous systems and AI technologies. Additionally, Saab participated in a Series B funding round for Helsing, a defense AI technology developer, which underscores their commitment to advancing military applications through innovative software solutions. These strategic moves highlight Saab's active role in the defense equipment manufacturing industry.


3. Kongsberg Maritime

  • Website: kongsberg.com
  • Type: Corporate
  • Headquarters: Kongsberg, Buskerud, Norway
  • Founded year: 1814
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: kongsberg-maritime

Kongsberg Maritime, part of Kongsberg Gruppen, is a technology provider founded in 1814, specializing in advanced solutions across various sectors, including defense, aerospace, maritime, and digital technologies. The company operates globally, focusing on sustainable practices and collaboration with stakeholders. Notably, Kongsberg Defence & Aerospace has made strategic acquisitions to enhance its defense capabilities, including the acquisition of NanoAvionics in 2022 for an enterprise value of EUR 65 million, aimed at bolstering its space offerings. This acquisition, along with previous transactions such as the purchase of Hydroid in 2007, underscores Kongsberg's commitment to advancing its position in the defense equipment manufacturing sector.


4. Aboa Venture III Ky


Aboa Venture III Ky is a private equity firm based in Turku, Southwest Finland, founded in 1994. The firm specializes in providing equity financing solutions to Finnish businesses with revenues between 2-20 million euros, focusing on acquisitions and growth investments. Aboa Venture has been involved in several transactions, including the acquisition of Uudenkaupungin Työvene in 2015, which is relevant to the maritime industry. Additionally, they participated in a funding round for Rauma Marine Constructions, a company that may engage in defense-related maritime projects. Other investments include companies like Steerprop Ltd, Coreplast Laitila, and WM-Plast, which, while not directly related to defense, showcase Aboa Venture's diverse investment portfolio.


5. Solix

  • Website: solixgroup.com
  • Type: Private Equity
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2014
  • Headcount: 11-50
  • LinkedIn: solixx

Solix is a private equity investment company based in Copenhagen, Denmark, founded in 2014. The firm focuses on acquiring and developing businesses in Northern Europe, particularly in Denmark and Sweden, with an aim to create long-term value for its stakeholders. Solix provides capital and strategic guidance to help its portfolio companies grow and achieve market leadership. Notably, Solix has made significant investments in the defense sector, including the acquisition of Dynasafe International AB, a company specializing in unexploded ordnance clearance and weapons disposal, which had a turnover of approximately €80 million. Additionally, Solix is set to acquire Cobham Satcom, a company that operates in the government, defense, and maritime industries, indicating its commitment to expanding its footprint in the defense equipment manufacturing space.


6. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. In recent years, Nokia has made significant strides into the defense sector, highlighted by its acquisition of Fenix Group on December 12, 2023. Fenix Group is known for its tactical communications solutions tailored for defense applications, marking a strategic expansion of Nokia's defense business. This acquisition reflects Nokia's commitment to diversifying its portfolio and enhancing its capabilities in the defense equipment manufacturing industry. Additionally, Nokia's past acquisition of Motorola in 2010 for $1.2 billion further illustrates its history of strategic investments, although Motorola's primary focus was not on defense. Overall, Nokia's recent activities indicate a growing interest in the defense sector, making it a noteworthy investor in this field.


7. NCAB Group

  • Website: ncabgroup.com
  • Type: Corporate
  • Headquarters: Sundbyberg, Stockholm, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • Number of deals in 2024: 4
  • LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, founded in 1993. The company specializes in manufacturing printed circuit boards (PCBs) for various industries, including Aerospace, Automotive, and Medical. NCAB Group focuses on delivering high-quality PCBs through stringent quality controls and efficient production processes. Their customers include OEMs and EMS providers who rely on NCAB for reliable and timely PCB solutions. In recent years, NCAB has made several strategic acquisitions to strengthen its market position, including the acquisition of Phase 3 Technologies, a US-based PCB manufacturer, for $23.5 million, which is expected to enhance their growth in the US market. They also acquired Elmatica, a Norwegian PCB supplier, for €31.5 million, and signed an agreement to acquire the PCB division of DVS Global in Italy for SEK 200 million. These transactions indicate NCAB's commitment to expanding its capabilities and market reach, which may include serving clients in the defense sector, particularly in aerospace applications.



Defense Equipment Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SaabStockholm, Stockholm, Sweden10001+19371
Kongsberg MaritimeKongsberg, Buskerud, Norway5001-1000018141
Aboa Venture III KyTurku, Southwest Finland, Finland1-1019940
SolixCopenhagen, Denmark11-5020140
NokiaEspoo, Uusimaa, Finland10001+18653
NCAB GroupSundbyberg, Stockholm, Sweden501-100019934


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