Brolis Defence Group majority stake acquisition by ETNA – largest defence sector transaction in the Baltics

The acquisition of a majority stake in Brolis Defence Group by private equity fund ETNA marks one of the first true leveraged buyout-style private equity deals of this scale in the Baltic States. The deal is supported by acquisition financing from SEB Lithuania, which was advised by the Ellex Lithuania team.

Associate Partner Eglė Neverbickienė and Associate Elvika Leščinskaitė prepared the financing and security documentation and represented the bank in negotiations.

The transaction is expected to become a benchmark for future private equity-led acquisitions in the Baltic States, particularly in the defence, advanced manufacturing, and technology sectors. It will also strengthen the region’s reputation as a reliable destination for sophisticated investment capital and globally significant innovation.

Brolis Defence Group (including Brolis Semiconductors and Brolis Photonics Solutions) is a vertically integrated high-technology company founded in 2011 by the three Vizbaras brothers. The company develops and manufactures advanced electro-optical and laser systems for defence and security applications, serving armed forces in more than 40 countries. Brolis has become a key European supplier of aiming lasers, thermal sights, night vision, and SWIR technologies to NATO allies.

Under the terms of the agreement, Vizbaras brothers will retain a significant ownership stake of approximately 40%.

ETNA is a Copenhagen based 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.