At a time of significant build-up in European defence, Fjord Defence Group has entered into an agreement to acquire all shares in Frydenbø Milpro AS from Frydenbø Marine AS. The transaction was announced through a stock exchange announcement by Fjord Defence Group after market close on May, 20th and was formally completed on June, 5th.  

  The total purchase price amounts to NOK 168.2 million, of which NOK 104.9 million will be settled in newly issued shares in Fjord Defence Group. As a result of the share settlement, Frydenbø International AS will become a significant shareholder in the listed defence company.

  Frydenbø Milpro is a niche player with a strong position in the supply of boats for military and professional use. The company offers, among other things, RIBs designed for demanding conditions.

  STRONG GROWTH STORY
“In recent years, we have built a strong growth story as a reliable supplier of niche products to the Norwegian and Swedish armed forces. 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,” says Chair of the Board of Frydenbø Marine AS, Åsmund Bjørndal Heen.

  As a result of the transaction, Frydenbø Milpro will change its name to Fjord Defence Marine, reflecting its new affiliation within the Group.

  EXCITING OPPORTUNITIES
For Frydenbø Milpro’s customers, suppliers and other partners, the transaction will not entail any changes. However, as part of Fjord Defence Group, the company will gain access to a broader professional environment, greater resources, and become part of a group fully dedicated to the defence sector. This opens up exciting opportunities going forward for both customers and partners.

Frydenbø will follow the company’s development closely as a significant shareholder in Fjord Defence Group and is convinced that the company is well positioned to benefit from the increasing European defence investments in the years to come.