Defensor: An Industry Group for a New Generation of Defence and Security Companies

Today, August 29, 2025, Defensor takes the first step in establishing a new industry group within defence and security. Flat Capital AB (Publ) ("Flat") invests approx. 458 MSEK in Defensor and thereby becomes the group's largest owner. At the same time, agreements have been signed on Defensor's acquisition of 70% of the shares in ArmaTech i Kungsbacka Aktiebolag ("ArmaTech") and SAFE4U Security Of Sweden AB ("SAFE4U"). By bringing together successful, entrepreneurial companies, Defensor creates solutions that strengthen both military and civilian preparedness - from the soldier in the field to the police on the street.

Sweden's historical neutrality and long-term defence policy thinking have laid the foundation for a strong domestic defence industry that has come to be dominated by a few major players. At the same time, the nature of warfare has changed fundamentally. Experiences from Russia's war in Ukraine, combined with the realisation that a large-scale war between East and West would have a completely different course in our geographical context, underline the need for new solutions quickly.

The Swedish defence industry today is facing an unprecedented increase in scale and pace in modern times.

Within Defensor, we have identified a new generation of defence companies - founded and driven by entrepreneurs, engineers and enthusiasts at a time when only the most competent and resilient could survive. These companies combine long-term profitability and organic growth with modern ways of working, a high degree of adaptability and a responsiveness that is appreciated by customers.

Among these actors, a common idea has emerged: to pool their strengths. To combine the small company's speed and flexibility with the larger company's capacity to take larger orders, build up joint expertise, create industrial synergies and coordinate to solve the task for customers and authorities. This also enables long-term investments that secure and scale up Swedish production and security of supply.

This is Defensor.

With an industrial focus, active ownership and close relationships with customers, end users and partners, Defensor is positioned as a new and long-term player in the Nordic defence industry's transition.

Defensor intends to continuously evaluate potential further investments and acquisitions in the Nordic defence and security industry, has a clear ambition to create long-term value and sees a possible IPO as a natural step in future development.

Sverker Göranson, former Swedish Commander-in-Chief (2009-2015) and future Board member of Defensor:

As a former Commander-in-Chief, I see the value of both the resources of the large defence groups and the innovation of the many smaller, highly specialised companies. The challenge has been to build an effective bridge between these worlds. With Defensor, we are helping to fill that gap - a model that combines industrial strength with entrepreneurial speed and that can strengthen Swedish and Nordic defence capabilities at a critical time.

Sebastian Siemiatkowski, Chairman of the Board of Flat:

Europe is facing the biggest rearmament in modern times. Through Defensor, we are building an industry group where prominent entrepreneurs together shape the next generation of defence industry - fast, scalable and adapted to the needs of the new era. As investors, we at Flat look forward to being part of driving an ambitious agenda forward together with the all-star team we have jointly assembled.

ArmaTech

ArmaTech, founded in 1996, is a Nordic system supplier and partner to world-leading manufacturers of systems and products in the defence and security sector. The company has a strong position in the Nordic defence and security industry and has often played a key role in rapidly enabling and delivering advanced capabilities to Nordic authorities. ArmaTech has over the past ten years averaged sales growth of around 20 percent per year while maintaining strong profitability.

SAFE4U

SAFE4U is a leading Swedish manufacturer of ballistic protection, primarily for government customers including police, military and special forces. The company's products combine high protection and comfort with low weight in a way that makes them market leaders. Production takes place in Europe and is based exclusively on European raw materials. SAFE4U has experienced strong growth over the last few financial years, mainly due to major new contracts with Swedish authorities.

Board and management

The Board of Directors of Defensor will consist of:

Martin Grund – co-founder of Defensor and with extensive experience in M&A
Sverker Göranson – Swedish Commander-in-Chief 2009-2015
Lennart Ljungfelt – former CEO Aimpoint
Christer Kjellkvist – former Armed Forces and with extensive experience in the defence industry
Daniel Denvell – founder of SAFE4U
Jonas Jägerbring – founder of ArmaTech
Gustaf Rentzhog – investor in Defensor and co-founder and CEO Söderberg & Partners
Hanna Andreen – CEO of Flat Capital

Martin Grund will be Chairman of the Board of Defensor. Max Jägerbring, currently CEO of ArmaTech, will take over as CEO of Defensor.

The transaction is subject to customary closing conditions, including regulatory approvals.

Max Jägerbring comments:

We are building Defensor to strengthen the Nordic region's long-term capabilities in defence and security. By uniting successful entrepreneurial companies in a common structure, we are creating an industrial group with both agility and operational strength. I look forward to leading this work together with our employees, board and investors.

Advisors

Defensor has been advised in the transaction by Magnusson Advokatbyrå on legal and regulatory matters and by KPMG on financial due diligence and tax matters.

About Flat Capital

Flat Capital makes long-term investments in outstanding entrepreneurs through its global network, giving shareholders access to companies with great potential. The portfolio includes several global and leading tech companies, such as OpenAI, Klarna, Perplexity, SpaceX and ElevenLabs. Flat Capital was founded in 2013 by Nina and Sebastian Siemiatkowski, the entrepreneurs behind Milkywire and Klarna. Flat's major shareholders also include several of Sweden's leading entrepreneurial and industrial families.