HANZA Completes Acquisition and Expands Capacity for the Defense Industry

October 2, 2025 | HANZA

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HANZA AB has completed the acquisition of Milectria, a leading contract manufacturer of electrical systems for the defense industry. The acquisition is an important step in HANZA's LYNX program and strengthens the Group's capacity, customer base, and geographical presence.

Strategic background

HANZA's LYNX program was launched in March 2025 with the aim of accelerating growth in the defense and security industry, while securing capacity for other customer segments. The acquisition of Milectria creates a dedicated platform to meet volume increases in these areas.

Milectria has approximately 300 employees and operations in Finland, Estonia, and Abu Dhabi. The deal adds four new production units with highly specialized expertise that strengthen and complement HANZA. A business unit with proprietary products has been excluded from the deal and will be retained by the sellers. As these products have been manufactured in Milectria's factories and will now be relocated, significant capacity will be freed up for contract manufacturing.

The purchase price amounts to EUR 17.1 million, corresponding to approximately SEK 190 million, which on a cash and debt-free basis corresponds to an adjusted EV/EBITA multiple of 4.9. At the time of acquisition, Milectria has a turnover of just over EUR 30 million. An additional purchase price of up to EUR 18 million may be payable, based on sales growth during the period 2025–2027, which assumes that Milectria will more than double its sales during this period.

“The acquisition is a milestone in our LYNX program. It strengthens our capacity to meet increased volumes from the defense industry, while also handling growth in other industries. It is also a matter of Europe's security; our continent needs to rapidly increase its capacity for advanced defense products. The LYNX program is our contribution to this,” says Erik Stenfors, CEO of HANZA.

“We are very pleased to become part of the HANZA Group. Together, we can further develop our customer relationships and deliver even more competitive solutions to the European defense industry”, says Tomi Kaukonen, CEO of Milectria.