Czechoslovak Group - CSG, owned by a 33-year old entrepreneur Michal Strnad, has seen rapid growth amid soaring demand for ammunition and military equipment since Russia's invasion of Ukraine in 2022 and a public offering would be a major transaction amid soaring valuations of the defence sector.

The company is among top European makers of artillery ammunition for NATO countries and Ukraine and among leading global makers of small-calibre ammunition for handguns after its $2.2 billion acquisition of U.S.-based Kinetic Group last year.

CSG has also rapidly expanded its division producing and modernising heavy military equipment including artillery, armoured vehicles and trucks.

CSG, which has around 14,000 employees and over 100 subsidiaries, competes with Germany's Rheinmetall (RHMG.DE), opens new tab, KNDS or General Dynamics (GD.N), opens new tab in the large-calibre ammunition business, its largest segment.

The group reported revenue of 2.8 billion euros ($3.3 billion) in the first half of this year, core profit before interest, tax, depreciation and amortisation of 0.8 billion euros, and net debt of just under 3 billion euros.

Based on its financial performance and its rivals' market valuations, CSG could have enterprise value, or market capitalisation plus net debt, of 23 to 40 billion euros.

Apart from Kinetic, it acquired IFF's (IFF.N), opens new tab nitrocellulose plant in Germany last year and formed a joint venture with the state-owned HDS company in Greece for ammunition production.

Source:

https://www.reuters.com/business/aerospace-defense/arms-ammunition-maker-czechoslovak-group-considering-public-offering-2025-09-02/