ROXEL
Acquired by
MBDA
ROXEL acquired by MBDA
Target
ROXEL
Acquirer
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.
This transaction is part of the Industry & Manufacturing industry, which currently tracks an average EBITDA multiple of 9.8x since the beginning of 2026, 2.6% decrease compared to 2025. 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
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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Other operations with ROXEL
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