We are advising the Danish private equity fund ETNA Capital on the acquisition of a controlling stake in UAB Brolis Defence Group, a Lithuania-based developer of electro-optical systems for military and security purposes.
This marks the largest private equity investment in the defence sector in the Baltic States to date and the first investment of ETNA Capital, which was established last year.
Under the agreement, the founders of Brolis Defence Group, Vizbaras brothers, will retain a substantial 40% ownership stake and will continue to lead the company alongside ETNA. The funds received will be used to accelerate innovation, expand production capacity and enter new markets in response to growing demand for advanced defence technologies.
Wolff van Sintern, partner and co-founder of ETNA Capital, noted that the acquisition of Brolis Defence Group is fully aligned with the fund’s core strategy – to invest in companies whose original technologies contribute to strengthening Europe’s resilience.
ETNA Capital has raised capital primarily from Danish pension funds – PensionDanmark, AP Pension and AkademikerPension. At the launch of the fund, they committed approximately EUR 220 million.
Our team and services
We have been advising ETNA Capital on this transaction in cooperation with lead international legal counsel Weil, Gotshal & Manges LLP.
Our legal and tax team in this project is led by partner Laimonas Skibarka and senior associate Mindaugas Dominykas Baniulis, and also includes partners Vaiva Mašidlauskienė and Indrė Ščeponienė, counsel Ignas Sidaras and Gerda Skirbutienė, senior associate Marijus Dingilevskis, associates Rytė Rėčiūnaitė, Nojus Jašmontas, Goda Jakubauskaitė, Guoda Vdovycytė, Airida Buzaitė, Danas Šniutė and Barbora Bernatonytė.
