Brolis Defence Group Announces Majority Stake Acquisition by ETNA Equity Fund – Largest Defence Sector Transaction in the Baltic States to Date

Brolis Defence Group, UAB (operating primarily through its 100% subsidiary UAB Brolis Semiconductors together “Brolis”), a leading European developer and manufacturer of advanced electro-optical systems for military and security applications, today announced that ETNA, a Copenhagen-based private equity fund focused on European defence, cybersecurity, and protection of critical infrastructure, has acquired a majority equity stake in Brolis.

The transaction represents the largest defence-sector private equity investment in the Baltic states (Lithuania, Latvia, Estonia) to date.

Founded in 2011 by the three Vizbaras brothers – (Kristijonas, Augustinas and Dominykas, together, the “Founders”) – Brolis has grown into a vertically integrated high-technology company specializing in electro-optical systems for individual soldier applications and beyond. Its portfolio includes aiming lasers, thermal sights, night vision devices, and short-wave infrared (SWIR) systems. Today, Brolis supplies its advanced solutions to customers in more than 40 countries worldwide and has established itself as a key supplier to NATO-allied forces across Europe.

Under the terms of the agreement, the Founders will retain a significant ownership stake of approximately 40% and will continue to lead the company, with the current CEO remaining in position.

ETNA invests European capital to support companies that strengthen Europe’s defence capabilities and strategic autonomy. The partnership will provide Brolis with additional resources to accelerate innovation, expand production capacity, enter new markets, and further scale its global presence amid rising demand for its advanced defence technologies.

Dominykas Vizbaras, Founder and CEO of Brolis commented “We are thrilled to welcome ETNA as our strategic partner for the next phase of growth. ETNA’s focus on European defence and resilience perfectly aligns with our mission to deliver world-class electro-optical solutions to European, NATO and allied forces. With the Founders remaining deeply involved and holding a substantial stake, we ensure the continuity of our entrepreneurial spirit, technological leadership, and commitment to excellence while gaining the capital and expertise to scale even further.”

Wolff van Sintern, Co-Founder and Partner at ETNA, added “Brolis Defence Group exemplifies European defence-technology success: innovative, independent, and globally competitive. We are deeply impressed by the strength of the founder team and the broader organization, which consistently delivers world-class technology and innovation capabilities. As a pan-European investor with a dedicted sector focus, ETNA aims to support Brolis through its strong value creation approach and by leveraging our unique network across NATO and allied defence ecosystems to help accelerate the company’s continued growth. Together with this Lithuanian success story, we look forward to strengthening Europe’s defence industrial base and technological sovereignty at a critical time.”

Ischyra Europa GmbH advised the shareholders and Founders of Brolis Defence Group in identifying the right partner and executing the transaction. Founding Partner Mario Cesari commented: “I am particularly proud to bring together prestigious European private capital sources and a European defence-tech success story. The Founders of Brolis – and our Lithuanian and Baltic friends more broadly – demonstrate that entrepreneurial courage and strategic independence can go hand in hand.”

Financial terms of the transaction were not disclosed. Brolis Defence Group will continue to operate under its existing brand, leadership, and operational structure, with no immediate changes to employees, customers, or day-to-day activities.

About Brolis Defence Group Headquartered in Vilnius, Lithuania, Brolis Defence Group (including UAB Brolis Semiconductors and Brolis Photonics Solutions) is a vertically integrated high-technology company founded in 2011 by the three Vizbaras brothers. The company develops and manufactures advanced electro-optical and laser systems for defence and security applications, serving armed forces in more than 40 countries. Brolis has become a key European supplier of aiming lasers, thermal sights, night vision, and SWIR technologies to NATO allies.
For more information, visit www.brolis-defence.com.

About ETNA:

ETNA is a private equity firm dedicated to strengthening European resilience by investing in companies within defence, cyber security, and the protection of critical infrastructure. Its investment mandate spans all of Europe, with full scope within its target industries.

The firm brings leading industry competencies and networks, coupled with an internal value-creation team to support and grow the companies it invests in, with the aim of building world-class businesses.

ETNA is backed by leading blue-chip investors who share its mission to build a stronger, more resilient Europe.

For more information, visit the ETNA website www.etna.capital and follow its LinkedIn profile.