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# AEEG Takes Stake in Croatia's Demil Tech Explosives Firm
- URL: https://www.adriadefense.com/aeeg-takes-stake-in-croatias-demil-tech-explosives-firm/
- Published: 2026-09-24T22:41:38.000Z
- Updated: 2026-09-24T22:49:42.000Z
- Description: Austria-linked AEEG Industry Services has become a co-owner of Croatia’s Demil Tech. The size and value of the stake have not been disclosed.
- Author: AdriaDefense Desk
- Tags: Croatia, SEE, Defense Industry, Industry, Denmark

Austria-linked AEEG Industry Services has become a co-owner of Demil Tech, a Croatian explosives and ammunition demilitarization company based in Podoštra near Gospić. Croatia's [Financial Agency (FINA) business register](https://infobiz.fina.hr/subjekt/demil-tech-d-o-o/OIB-07285840972?ref=adriadefense.com) lists AEEG Industry Services d.o.o. and Davor Ljevar as the company's members. The ownership percentages and the transaction value have not been disclosed.

The register names Dragomir Janjić as president of Demil Tech's management board. Ljevar and Ivan Prša are listed as board members, and Alexander Henn is listed as procurator.

AEEG Industry Services is a Zagreb-registered holding company. [FINA](https://infobiz.fina.hr/subjekt/aeeg-industry-services-d-o-o/OIB-52542377956?ref=adriadefense.com) lists High Energetics Holding GmbH and Vector HoldCo K/S as its members. It lists Peter Bruderhofer as director and Henn, who also holds power of attorney at Demil Tech, as procurator. According to Austrian company register data, AEEG Industry Services is the sole owner of AEEG Applied Explosives & Energetics GmbH, an Austrian developer and producer of plastic explosives founded in 2019.

Demil Tech specializes in industrial ammunition demilitarization, disposal of explosive materials and recycling of energetic materials. Its principal registered activity is explosives production. Its registered activities also include the production, overhaul and trade of weapons and military equipment, as well as the neutralization and destruction of explosives. According to FINA, the company generated €7.84 million in revenue in 2025, up 33.89% from the previous year, while net profit fell 79.01% to €480,850\. Financije.hr reported that the company's expenses more than doubled over the same period, from €3.05 million to €7.23 million. FINA puts the number of employees, based on hours worked, at 26 in 2025, unchanged from 2024.

The Danish investment connection is indirect. Copenhagen-based private equity fund ETNA acquired a 40% stake in AEEG Industry Services and, through that transaction, an indirect interest in Austria's AEEG Applied Explosives & Energetics, according to [law firm DORDA](https://www.dorda.at/press/investition-europas-resilienz-etna-steigt-bei-aeeg-ein?ref=adriadefense.com). DORDA advised ETNA and announced the deal on September 8\. ETNA is backed by Danish pension funds PensionDanmark, AP Pension and AkademikerPension. The available disclosures do not show a direct ETNA stake in Demil Tech. They also do not say whether ETNA invested before or after AEEG Industry Services entered Demil Tech's ownership.

The deal adds another cross-border investor link to Croatia's defense industry. In a separate transaction completed on July 1, Germany's Rheinmetall acquired a 51% stake in Zagreb-based unmanned systems company DOK-ING, which now operates as Rheinmetall Unmanned Vehicles. Founder Vjekoslav Majetić retained the remaining 49%. [AdriaDefense covered the deal when it was signed in March](https://www.adriadefense.com/rheinmetall-acquires-stake-in-croatian-robotics-company-dok-ing/).

Financije.hr reported that ETNA's entry into AEEG was followed by announced investments in production capacity and in the group's international expansion. No production expansion, new contract or capital investment specific to Demil Tech's Gospić site has been announced.