Private Equity firm ETNA, which is dedicated to building European Resilience, has completed an acquisition of Brolis Defence Group, a Lithuanian defence technology company. The transaction marks one of the first true leveraged buyout-style private equity deals of this scale in the Baltics, supported by acquisition financing from SEB Lithuania.
The acquisition reflects ETNA’s confidence in the Baltic region as a source of high-quality, strategically relevant technology companies with global growth potential. Brolis Defence Group develops advanced infrared, electrooptical, laser, and sensing technologies for defence and security applications and is well-positioned to benefit from increased European investment in military readiness, strategic autonomy, and resilient supply chains.
“Brolis Defence Group is a remarkable European defence-technology success story born in the Baltics. We are excited to support the impressive founder team and the organisation they have built – an innovative company delivering world-class electro-optical sensing capabilities to NATO and allied customers. This transaction itself was complex and we were highly impressed by SEB’s speed, agility, and strong support for the defence industry throughout the process.” Florian Funk, Partner and Co-fuonder of ETNA says.
For ETNA, the deal provides exposure to a strategically important Lithuanian technology platform which they will support in its next phase of growth, including increasing production capacity and international expansion,
SEB Lithuania served as the sole financing arranger of the transaction, providing acquisition debt and structuring a financing solution. The transaction combined local execution, drawing on SEB Lithuania’s market expertise, and the broader leveraged finance and defence sector know-how of the SEB Group across the Nordic-Baltic region.
The successful execution highlights the strength of collaboration between an entrepreneurial investor and a regional financial institution capable of delivering financing solutions typically associated with more mature European leveraged finance markets.
“The completion of this transaction reflects continued development of Lithuania and the Baltics as a market for advanced financing solutions and long-term investment. As sectors such as defence and advanced technology become increasingly important, we bring together our expertise and knowledge, and act as a partner for financial sponsors and entrepreneurs to support the next stage of their growth ambitions.“ says Tadas Jonušauskas, Head of Corporate Banking at SEB.
Beyond the acquisition itself, the transaction represents a significant milestone for Baltic capital markets. It demonstrates that the region has financial depth, investor maturity, and banking capabilities needed to support sponsor-backed, leveraged acquisitions executed onshore.
The transaction is expected to serve as a reference point for future private equity-led acquisitions in the Baltics - particularly in defence, advanced manufacturing, and technology - while reinforcing the region’s growing credibility as a destination for sophisticated capital and globally relevant innovation.
About ETNA
ETNA is a private equity firm dedicated to strengthening European resilience by investing in companies within defence, cyber security, and the protection of critical infrastructure. The firm’s mandate spans all of Europe, with full scope within its target industries. Combining deep sector expertise with a specialised value-creation platform, ETNA supports portfolio companies in scaling internationally and building globally competitive technology leaders. ETNA is backed by leading institutional investors who share its mission to build a stronger, more resilient Europe.
Please enter your username and password.
2026 © The Baltic Times /Cookies Policy Privacy Policy
