Fjord Defence Group Completes Acquisition of Norwegian Military Boat Specialist Frydenbø Milpro
Norwegian defense consolidator Fjord Defence Group has completed the acquisition of Frydenbø Milpro, a supplier of light military boat platforms and maritime solutions for defense customers.
Norway-based Fjord Defence Group has finalized its acquisition of Frydenbø Milpro, completing a transaction valued at approximately NOK 168.2 million. The deal was initially announced in May and closed on June 5 after the required conditions were met.
Frydenbø Milpro specializes in the design and integration of light boat platforms, including rigid inflatable boats (RIBs), inflatable craft, and other vessels used by defense and professional customers. The company has supplied solutions to the Norwegian and Swedish armed forces and has developed a position in the Nordic market for small military and security vessels.
Under the terms of the transaction, part of the purchase price was settled through newly issued shares in Fjord Defence Group, with the remaining portion paid in cash. The acquisition was supported by a private placement that raised approximately NOK 80 million from existing and new investors.
As part of the integration process, Fjord Defence Group intends to rebrand Frydenbø Milpro as Fjord Defence Marine. The acquired company’s management team will remain in place following the transaction to support continuity and ongoing business operations.
The acquisition aligns with Fjord Defence Group’s strategy of building a portfolio of specialized defense businesses across the Nordic region. The addition of a maritime platform provider broadens the group's capabilities in naval and expeditionary segments at a time when European defense spending and procurement activity continue to increase.
According to information released when the transaction was announced, Frydenbø Milpro generated revenue of approximately NOK 81 million in 2025 and expected significantly higher revenue in 2026, supported by defense and professional market demand.
The deal also brings a supplier with established relationships in the Nordic defense sector into Fjord Defence Group’s portfolio, potentially providing opportunities for broader market access and cross-company cooperation within the group’s growing defense industrial structure.
