Norway’s Fjord Defence Group has acquired Frydenbø Milpro AS from Frydenbø Marine AS for NOK 168.2 million.
As part of the agreement, NOK 104.9 million will be settled in newly issued shares in Fjord Defence Group and Frydenbø International AS will become a significant shareholder in the defence company.
The company was established in 2015 as a carve-out from Frydenbø Marine and supplies small boat platforms, including RIBs, inflatables and other types of light crafts typically below 10 metres for defence and professional use.
Revenue of NOK 150–160 million, with adjusted EBIT of NOK 30–40 million, is forecast for 2026, supported by a year-to-go orderbook of approximately NOK 120 million and an identified weighted pipeline of approximately NOK 265 million for 2027–2028.
Geographical footprint
“In recent years, we have built a strong growth story as a reliable supplier of niche products to the Norwegian and Swedish armed forces,” said chair of the board of Frydenbø Marine, Åsmund Bjørndal Heen.
“As part of Fjord Defence Group, we aim to expand our geographical footprint and look forward to close cooperation with the Group’s other companies.
“We are highly confident in the company’s strategy and are convinced that the growing European defence sector will present solid growth opportunities in the years ahead.
“We therefore look forward to becoming a significant shareholder and contributing to further value creation.”
As a result of the transaction, Frydenbø Milpro will change its name to Fjord Defence Marine, reflecting its new affiliation within the Group.
The acquisition is intended to provide Fjord Defence Group with access to a broader professional environment and greater resources.
Fjord Defence Group also consists of Fjord Defence AS, PartnerTech AB, Scanfiber Composites A/S.
