Sights set on growth: DPE acquires majority stake in ballistic defense provider Mehler Vario System

Sep 9, 2020

  • Mehler Vario System generates revenues of more than €100 million with a workforce of 600 employees
  • Growth capital for European market leader in the field of ballistic defense systems
  • Mehler Vario System is planning to expand market leadership and forge ahead with its double-digit growth through ongoing internationalization, new products and strategic acquisitions

Munich, September 9, 2020. DPE Deutsche Private Equity (DPE) has acquired a majority stake in M-Sicherheitsbeteiligungen GmbH (Mehler Vario System) from investment holding Armira. Mehler Vario System is Europe’s leading manufacturer of ballistic vests, tactical equipment and clothing, and protection systems for vehicles. The Fulda-based company employs around 600 people in five locations in Germany, Slovenia and Serbia and generates revenues of more than €100 million. Siegfried Will (CEO) and Dr. Mario Amschlinger (COO/CFO), along with their management team, will continue to lead Mehler Vario System and further pursue its growth strategy in partnership with DPE. The transaction is still subject to approval by the competent authorities. The parties have agreed to keep the details of the transaction confidential.

Mehler Vario System can look back on strong growth

Mehler Vario System was acquired by Munich-based investment holding Armira in 2014. Since then, it has seen strong organic growth, especially due to major projects for the military, police and special forces, as well as inorganic growth. The two strategic acquisitions of Lindnerhof-Taktik GmbH (LHT) in 2017 and UNI&FORMA d.o.o. (UFP) in 2019 enabled Mehler Vario System to extend its product range and evolve into a solution provider for protection systems.  

Growth capital from DPE and partnership with Mehler Vario System management

As the market leader for ballistic protection systems in Europe, Mehler Vario System is an established player with an outstanding reputation and highest quality standards. Based on these fundamentals, the company will continue its growth strategy going forward. CEO Siegfried Will, COO/CFO Dr. Mario Amschlinger and their lead team, who stand for the company’s successful historical expansion, will also be responsible for Mehler Vario System’s success in the future. Siegfried Will emphasizes: “Our aim is to continue on our growth path, while offering best-in-class quality and innovation to our customers. In DPE we have found the ideal German-based partner that thinks entrepreneurial and can support us in implementing our strategy.”DPE Partner Guido Prehn says: “Mehler Vario System has built up a unique market position in the DACH region, which we intend to expand. Like no other player in the sector, the company stands for high-quality, customer-centric product development, and has therefore set in place optimal prerequisites for further expansion in the increasingly important security market. We are greatly looking forward to the partnership with the Mehler management team.” DPE Director Nils Bennemann adds: “Mehler Vario System, with its long track record, has established itself as a trusted partner for key military, police and special forces clients. Our aim is to support the management team in serving these customers with consistent reliability and quality in the future.”

About Mehler Vario System:

Mehler Vario System is Europe’s leading manufacturer of ballistic protection systems. The product portfolio comprises an extensive offering of high-grade ballistic vests, tactical equipment and clothing, along with ballistic protection solutions for vehicles. Mehler Vario System GmbH (MVS) and its subsidiaries LHT, UFP, Mehler Engineered Defence GmbH (MED), Mehler Law Enforcement GmbH (MLE) and Mehler Protective Systems d.o.o (MPS) form part of Mehler Vario System. Headquartered in Fulda, the company employs around 600 people in five locations in Germany, Slovenia and Serbia and operates internationally in more than 40 countries.

More information on Mehler Vario System can be found at

About Armira:

Headquartered in Munich, Armira is an investment holding company that invests in mid-sized companies in the German-speaking countries. The company focuses on established, profitable companies with revenues between €50 and €500 million. Backed by its unique capital base from entrepreneurs and entrepreneurial families, Armira has the flexibility of investing without a fixed term and is able to concentrate on the long-term development of its portfolio companies. The Armira Group currently generates revenues of more than €1.5 billion, and employs more than 8,000 people.

More information on Armira can be found at