Chemring completes Landguard Systems acquisition in £20m deal

Chemring Group Plc, the FTSE 250 defence technology specialist, has completed a £20 million acquisition of Landguard Systems, a UK-based firm specialising in tracking devices that work across iridium, cellular and RF technologies.

The deal sees private investment firm Heligan Investments exit Landguard, realising a return on its investment in the company, which was made in 2022. Dr Tim Grasby, CEO of Heligan Group, celebrated the outcome for the company’s investors. “Our team’s deep sector-specific insight and international networks have assisted Landguard’s growth, adding real value to a world class owner-managed business and securing excellent returns for our investors,” he said.

The acquisition was announced in June this year and was subject to approval under the UK National Investment and Security Act at the time. That announcement indicated that Landguard Systems would be joining Roke’s CEMA portfolio to support its existing international sales pipeline, which is valued at more than £300 million. 

“The consideration of up to £20m will be satisfied by a £14m cash payment on completion, funded from Chemring’s existing bank facilities, and cash earnouts totalling up to £6m subject to certain performance targets. In the year ended 31 January 2025, Landguard’s turnover was c.£7m,” Chemring said in June this year, as it announced the deal. 

Heligan’s investment in Landguard was the inaugural investment of its new fund, which is called Heligan Private Equity I LP. The company acquired a majority shareholding in the company, with Dr Grasby saying at the time that, “Landguard has all the key characteristics we look for when making an investment – reputation, quality of product, technical expertise, growth prospects and great people.”

 “After co-founding Landguard almost 20 years ago, we’re looking forward to being part of Roke Manor. The past three years with Heligan has been a key milestone in Landguard’s journey,” Steve Matthews, Managing Director and co-founder of Landguard said in the press release. He credited Heligan’s sector expertise and international network for helping to unlock new customers and markets, including the establishment of a US site, which supported wider international growth.

The acquisition was carried out by Roke Manor, a company within the Chemring Group, which focuses on UK innovation in science and engineering for defence and national security sectors. The bespoke nature of Landguard’s ISTAR capabilities is expected to complement Roke’s existing advanced science and engineering portfolio. The merging of the two companies is anticipated to enable Landguard to reach its “next level” of growth potential, integrating its specialist hardware within the wider resources of the Chemring Group.

Calibre comment

Successful exits like this, and the recently announced sale of Wescom Signal & Rescue to Albion River, are important elements of the defence ecosystem. With many governments encouraging private equity to invest in defence, there need to be signs that those investments can be successfully turned into a profitable return. Without this, the appeal of defence as an investment prospect may begin to decline. 

By Sam Cranny-Evans, published on September 25, 2025. Credit for the lead image is Landguard Systems.