ROXEL acquired by MBDA
Context
MBDA has completed the acquisition of the 50% stake held by Safran in Roxel, making the tactical propulsion leader a 100% subsidiary of the MBDA Group. The transaction, finalized on December 19, 2024, and announced in January 2025, marks a significant shift from the joint venture structure established in 2003. Roxel will remain an autonomous entity, continuing to fulfill its contracts with other system integrators and pursuing export opportunities. The strategic rationale for the deal is driven by the urgent need to increase production cadences in a "war economy" environment. Full ownership allows MBDA to better synchronize industrial cycles between missile airframes and their propulsion systems, while accelerating R&D in solid propulsion technologies. This vertical integration is intended to strengthen MBDA’s resilience and industrial sovereignty in France and the UK. The deal was completed following months of strategic positioning, as MBDA sought full control of this essential sovereign asset to manage its massive backlog and future development programs.
ROXEL, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.6x).
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Target
Roxel is the European leader and a major global player in tactical propulsion, holding approximately 60% of the European market. Headquartered in France with operations also in the UK, the organization designs, develops, and manufactures solid propulsion systems and associated equipment for all types of rockets, tactical missiles, and cruise missiles. Serving air, naval, and land forces, its technology is critical for both the development of next-generation weaponry and the "re-engineering" of existing missile ranges. The entity operates four production sites (three in France, one in the UK) and employs approximately 800 people. Originally formed in 2003 through the merger of Celerg and Royal Ordnance Rocket Motors, the company acts as a vital "national champion" and strategic supplier to multiple global missile system integrators beyond its parent group.
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REFERENCES
Revenue range: 150M - 250M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: roxel
Acquirer: mbda