The Swedish defense and security company Scandinavian Astor Group (SAG) has signed an agreement to acquire the Latvian small-caliber ammunition manufacturer Ammunity, representatives of Ammunity have announced.
SAG has acquired 100% of Ammunity’s share capital. Until now, the company was owned by Viktors Juris Ozols (51%), Juris Užulis (30%), and Dāvis Vilis Ozols (19%).
Ammunity board member Beāte Krauze-Čebotare told LETA news agency that the transaction amount will not be disclosed.
The Latvian Ministry of Defence supported Ammunity in the investor attraction process.
Krauze-Čebotare noted that the partnership with SAG will allow Ammunity to rapidly expand production, invest in innovation, and strengthen Latvia’s role in the European defense industry.
SAG CEO Mattias Hjorth stated that the acquisition of Ammunity enhances the company’s contribution to NATO’s deterrence capabilities.
“By producing ammunition in Northern Europe, we become a better and more diversified supplier capable of delivering an increasing number of components to support the combat readiness of our clients,” Hjorth emphasized.
Latvian Minister of Defence Andris Sprūds (Progressives) remarked that investments of this scale in Latvian defense companies demonstrate the industry’s competitiveness and potential.
Sprūds added that Ammunity’s strategic partnership with SAG will strengthen Latvia’s ability to ensure the availability of high-quality ammunition for both national and allied needs.
The transaction will be finalized once all necessary approvals and permits from the relevant authorities are obtained, the company stated.
Ammunity’s production facility is located in Bauska Municipality, and the company supplies ammunition to the Latvian National Armed Forces (NBS).
According to Firmas.lv, Ammunity had a turnover of 9.33 million euros in 2024 — an 80.6% increase from the previous year — and a profit of 1.399 million euros, compared to a loss the year before. The company was established in 2014 and has a share capital of 2 800 euros.
SAG is a group of Swedish defense industry companies operating in three business areas: Astor Tech, Astor Industry, and Astor Protect. Under Astor Industry, companies primarily act as subcontractors supplying components to major defense contractors and other industrial sectors. Astor Tech provides systems and products solely for the defense and security sector, serving mainly governmental customers. Astor Protect develops safety and survival solutions for critical environments, offering products and services in personal protective equipment, rescue gear, and tactical safety systems for both public and private clients.
SAG’s companies include Oscilion, Marstrom Composite, JPC Composite, Composite Design Sweden, Mikroponent, Welas, Airsafe Sweden, and Scandiflash.