mynth
04/2026

SEYNTEX acquired by CERES INDUSTRIES CAPITAL

BELGIUM Aerospace, Naval & Defense / Weaponry & Ammo EV €100–350M

Context

The investment consortium led by a French industrial-focused sponsor has successfully finalized a Management Buy-In (MBI) of the target, marking the end of over a century of family ownership. This strategic transaction represents a pivotal step in the manufacturer’s evolution, transitioning the firm from a family-held enterprise into a consolidated paneuropean platform named International Protective Equipment (IPE). The strategic rationale for the move centers on the urgent requirement for European industrial autonomy in the defense sector and the target’s unique position as an integrated, patent-protected provider of high-end personal protective equipment. By incorporating a seasoned industry leader as the new Director alongside the existing management team, the organization reinforces its ability to execute an aggressive build-up strategy across the European continent. The partnership is designed to leverage the acquirer’s financial depth to professionalize operations and accelerate research and development in ballistics and CBRN technologies. This integration facilitates the scaling of technical operational depth, providing the strategic resources required to navigate the increasing demand for high-volume, sovereign defense production. The move solidifies the group’s standing as a primary enabler of paneuropean security infrastructure and technological modernization.

SEYNTEX, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Industry & Manufacturing sector (11.7x).

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Target

Seyntex is a premier industrial organization specializing in the design and manufacturing of high-performance protective equipment for sovereign defense, internal security, and emergency services. The entity’s business model is built on an integrated value chain, operating proprietary manufacturing facilities in Eastern Europe and Asia to ensure technical operational depth and supply chain autonomy. Its value proposition is anchored in specialized ballistics technology, specifically bulletproof vests and Nuclear, Biological, Chemical, Radiological (CBRN) combat suits. Strategically, the firm focuses on a high degree of technical innovation, with a significant portion of its product portfolio protected by international patents. By acting as a primary supplier to major European armed forces and law enforcement agencies, the organization ensures a mission-critical role in national strategic security. The entity prioritizes industrialized scalability and technical excellence to facilitate the rapid deployment of advanced protective solutions in volatile geopolitical environments.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€50–100M
[members only]
[members only]
2024
€50–100M
[members only]
[members only]

Similar deals in Aerospace, Naval & Defense

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04/2026TINICUM / BLACKSTONESENIORUNITED KINGDOMAerostructures
04/2026GROUPE RIVOLIERTHIFAN INDUSTRIEFRANCEWeaponry & Ammo
04/2026RHEINMETALLNVL (NAVAL VESSELS LÜRSSEN)GERMANYNaval
04/2026ROCKET LAB CORPORATIONMYNARICGERMANYElectronics
03/2026LEONARDOIDV GROUPItalyGround Vehicles & Armor
03/2026PENNAEROTRIMAS AEROSPACEUNITED STATESAerostructures
03/2026KKCG MARITIMEFERRETTIITALYNaval
02/2026NEXTEAMUCELIAFRANCEAerostructures

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SEYNTEX by CERES INDUSTRIES CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: ceres industries capital