At what enterprise value was ESG ELEKTRONIKSYSTEM- UND LOGISTIK acquired in 2023?

During the acquisition of ESG ELEKTRONIKSYSTEM- UND LOGISTIK by HENSOLDT GROUP in 2023, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ESG ELEKTRONIKSYSTEM- UND LOGISTIK when it was acquired by HENSOLDT GROUP?

The estimated EV/EBITDA multiple for ESG ELEKTRONIKSYSTEM- UND LOGISTIK is in the range of 10x - 18x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.2x. Join our community for free to access full valuation data and industry trends.

What was the revenue of ESG ELEKTRONIKSYSTEM- UND LOGISTIK at the time of the deal?

The revenue of ESG ELEKTRONIKSYSTEM- UND LOGISTIK at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ESG ELEKTRONIKSYSTEM- UND LOGISTIK during the acquisition?

ESG ELEKTRONIKSYSTEM- UND LOGISTIK's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ESG ELEKTRONIKSYSTEM- UND LOGISTIK acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ESG ELEKTRONIKSYSTEM- UND LOGISTIK deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.hensoldt.net/news/hensoldt-completes-acquisition-of-esg

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Home Database Industry & ManufacturingESG ELEKTRONIKSYSTEM- UND LOGISTIK

12/2023

ESG ELEKTRONIKSYSTEM- UND LOGISTIK acquired by HENSOLDT GROUP

GERMANY Aerospace, Naval & Defense / Electronics EV 500M - 1.5b EUR

Context

HENSOLDT Group has signed a definitive agreement to acquire 100 % of ESG Elektroniksystem- und Logistik‑GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG. The transaction includes an earn‑out linked to ESG’s performance targets through the end of 2024 and is subject to customary regulatory approvals, with completion anticipated in the first half of 2024. The acquisition aligns ESG’s software engineering and systems‑integration expertise with HENSOLDT’s sensor portfolio, creating a combined offering that addresses digital battlefield solutions, integrated network capabilities and multi‑domain operations. By adding ESG’s proven track record in major defence programmes, HENSOLDT strengthens its position in European defence markets and expands its ability to deliver end‑to‑end solutions for customers in air, land and naval domains. Post‑closing, the combined entity expects to realise significant cost synergies through streamlined engineering processes and shared procurement, while cross‑selling opportunities are projected to enhance revenue streams across existing customer bases. The integration is planned to accelerate cash‑flow generation, improve free‑cash‑flow conversion and support higher return on invested capital, with financing provided via a capital increase and new debt facilities. The transaction is backed by the German federal shareholder and aims to reinforce the group’s long‑term growth trajectory while maintaining a strong domestic presence.

ESG ELEKTRONIKSYSTEM- UND LOGISTIK, which reported an EBITDA margin of 13.9% in 2023, is valued in this transaction at an EV/EBITDA multiple of 14.7x, representing a premium to the average currently observed in the Industry & Manufacturing sector (11.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

ESG Elektroniksystem- und Logistik-GmbH, founded in 1967, operates as a platform‑independent systems integrator and technology partner for defence and public security. The company designs, integrates, supports and operates complex electronic and IT systems that are safety‑critical for armed forces, governmental authorities and industrial customers. Its portfolio includes mission‑equipment, software, data‑network solutions and lifecycle services for air, land and naval platforms. ESG participates in major programmes such as the Future Combat Air System and the F‑35, providing engineering, certification and integration expertise required for advanced combat aircraft. The firm maintains a capex‑light model, generating the majority of revenue from engineering services, system integration contracts and long‑term support agreements. Revenue growth has consistently been in the low double‑digit range, supported by an EBITDA margin near 14 % and cash‑flow generation that funds internal investments. ESG employs roughly 1,380 staff located in Germany, the Netherlands and the United States, and holds approvals under EASA Part 21J, Part 21G and Part 145, enabling it to serve both national and export customers. The business model relies on close collaboration with defence ministries, original equipment manufacturers and prime contractors to deliver customised, mission‑specific solutions across the full system lifecycle.

Ent. Value

FREE VIEW

675M EUR

Equity Value

Multiples

FREE VIEW

EV / Revenue

2.0x

FREE VIEW

EV / EBITDA

14.7x

EV / EBIT

Historical Financials (EUR)

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Year

Rev

EBITDA

EBIT

2023

330M

46M

2022

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REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ESG ELEKTRONIKSYSTEM- UND LOGISTIK by HENSOLDT GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: hensoldt group