Heligan Corporate Finance advises Argon Electronics on sale to Evallic

Heligan Corporate Finance has advised Argon Electronics (UK) Limited (“Argon”) on its sale to Evallic Holdings AB (“Evallic”), the Swedish defence group.

Argon is the global leader in detection simulation and training equipment for chemical, biological, radiological, nuclear and explosive (CBRNe) and hazardous materials threats. 

Founded in 1987, Argon has built a 30-year track record serving military, law enforcement and civilian defence organizations worldwide. Its portfolio includes chemical warfare agent simulators, radiation detection simulators, multi-gas training simulators and PlumeSIM, its award-winning CBRNe dispersion modelling and field exercise software.

Supported by exclusive OEM partnerships with the world’s leading detector manufacturers, Argon delivers high-fidelity, cost-effective training solutions that eliminate the risks and regulatory burden of live-agent exercises.

Evallic is a Swedish defence technology group founded to build a leading European defence technology platform. The group is backed by Adelis Equity Partners and has grown through the acquisition of several defence technology businesses. 

Through this acquisition, Evallic completes a uniquely integrated CBRNe platform spanning detection software (Bruhn Newtech), hazard prediction and modelling (Riskaware), and physical detector simulation and training (Argon). While continuing to operate under its established brand, Argon gains access to Evallic’s platform, industrial capabilities and global defence market reach.

Steven Pike, founder of Argon Electronics, said: “Joining Evallic marks a pivotal milestone for Argon. We have built something world-leading over 30 years, with products trusted by customers in more than 40 countries. With Evallic’s platform, international reach and industrial backing, we have found the ideal environment to expand our product range, accelerate international growth and meet the sharply rising demand for CBRNe preparedness solutions in a more dangerous world.”

Simon Heath, Holly Rabin & Joe Carbery provided M&A advisory support to the shareholders of Argon on the transaction. 

Holly Rabin, Associate Director at Heligan Group, said: "Working with Steven and the team from the outset has been a genuine pleasure. From the early preparation work and identifying the right strategic buyers, through coordinating due diligence and nurturing buyer relationships throughout the process, we have been proud to support the business at every step. Reaching a successful completion and delivering a positive outcome for the shareholders makes all the hard work worthwhile, and we wish them every success for the future."

Steven Pike, Founder of Argon Electronics said, “What attracted Argon to Heligan was their excellent pre-sale support, impressive team credentials and the focus on specialist defence and security deals underpinned by Heligan’s Strategic Advisory team. The team at Heligan provided significant contribution during the preparation for sale, especially in regard to financials. The support during due diligence was nothing short of phenomenal. It is impossible to put into words how much we appreciate the exceptional level and high standard of work carried out.

Matt Croker, Head of Defence and National Security M&A at Heligan, added, "Argon Electronics is a global leader in its vertical niche with a genuinely differentiated proposition. The transaction is a great example of utilising Heligan’s deep domain knowledge to position Argon’s specialist capabilities with the right international acquirer.  A tremendous result and delighted for everyone involved."

The financial terms of the transaction are undisclosed.