Slovenia’s MSIN Moves to Acquire Local Ammunition Producer LOS

Cerkno - Slovenian investment group MS Invest (MSIN) has filed for regulatory approval to acquire LOS Cerkno, one of the country’s few ammunition producers, in a move that could reshape the small but strategically significant defense manufacturing sector.

The request, submitted to Slovenia’s Competition Protection Agency in late April, marks a rare step by a domestic investor toward consolidation in an industry that has remained largely fragmented and export-oriented. While details of the transaction have not been made public, the acquisition signals growing interest in the defense supply chain amid heightened regional demand for ammunition.

LOS Cerkno, based in western Slovenia, manufactures copper-plated bullets primarily used in handgun ammunition, as well as solid brass projectiles for hunting. The company has recently expanded its production capabilities, moving closer to full ammunition assembly and positioning itself as a potential supplier beyond the civilian market.

MSIN, through its subsidiaries, operates across several sectors including printing, packaging, construction, and metal products. Its entry into the defense-related field represents a strategic diversification at a time when Europe is re-evaluating domestic production capacity for critical materials.

If approved, the deal could help strengthen Slovenia’s role within the European defense ecosystem and open possibilities for partnerships with regional manufacturers. However, regulatory approval will hinge on whether the merger affects competition in the niche ammunition market.

The proposed acquisition highlights the shifting landscape of smaller European defense industries — where industrial know-how, security policy, and private investment are beginning to intersect more directly than at any time in recent decades.