Bridgepoint buys majority stake in Danish drone company UMag Solutions

(Alliance News) - Bridgepoint Group PLC on Monday said it has taken a majority stake in Danish drone and defence technology firm UMag Solutions ApS.

The London-based private equity firm said it has partnered with UMag's partners, who will remain "significant shareholders" and continue to lead the company.

UMag specialises in "drone-based real-time subsurface threat detection on land and sea".

It was founded in 2018 as a spin-out from the Technical University of Denmark.

"Its technology combines proprietary hardware, advanced detection algorithms and software to deliver ultra-sensitive detection and reliable, real-time intelligence. This enables operators to identify hidden threats with greater accuracy and speed, make better-informed decisions and reduce risk in the field. Its systems are used to detect and map landmines, unexploded ordnance and naval mines, as well as submarines and unmanned underwater vehicles," Bridgepoint said.

UMag has experienced "rapid growth" amid rising defence spending across Europe, Bridgepoint noted.

The financial terms of the investment were not disclosed.

"UMag represents an opportunity to back an exceptional founder-led business operating in a rapidly growing area of defence technology. We have been particularly impressed by the quality of the management team and by the company's differentiated technology. We look forward to working alongside the team to support UMag's international expansion, continued investment in innovation and the next stage of the company's growth," said Chris Bley, co-head of the Nordics at Bridgepoint.

Shares in Bridgepoint were up 1.5% at 291.10 pence on Monday afternoon in London.

By Michael Hennessey, Alliance News reporter

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