Scandinavian Astor Group AB Expands in the Baltics

Scandinavian Astor Group AB recently announced the acquisition of AMMUNITY, marking its entry into the Baltic market. The acquisition was made at 4.4x EV/EBITDA, allowing Astor to integrate Latvia’s sole military ammunition manufacturer into its portfolio. AMMUNITY, based in Riga, reported FY'24 sales of SEK 103m, with an 80% year-on-year increase and a 21% EBITDA margin.

With a standing contract with the Latvian government worth SEK 400m and a potential additional SEK 400m, AMMUNITY’s order backlog totals SEK 1.16bn. The acquisition introduces a strategic alignment with Astor's existing product offerings, including drone and radar technologies, diversifying its revenue streams and positioning it well within the Baltic Defense sector.

The acquisition suggests Astor's commitment to funding growth, anticipating increased demand for ammunition. The transaction is aligned with Astor's potential to leverage its full product portfolio within the Baltic market and Scandinavian regions.