Triton Partners to acquire Integris Composites

Triton Partners has agreed to acquire Integris Composites, a global leader in advanced composite survivability solutions. The move aims to increase production of ballistic protection and strengthen Integris’s reach across land, air, and sea domains.

By Sam Cranny-Evans, editor of Calibre Defence, published April 13, 2026

Triton Partners has signed an agreement to acquire Integris Composites from Agilitas Private Equity, according to an April 8 press release. The transaction follows a five-year period of growth for the armour manufacturer, which was previously known as TenCate. The deal is currently subject to regulatory approvals and customary closing conditions.

Integris manufactures composite armour arrays using ceramics and other materials for platforms and personnel. Dating back to its time as TenCate, the company has protected a diverse array of vehicles including the CV90, and claims to have sold to dozens of countries and all of the West’s armoured vehicle primes.

Under the ownership of Agilitas, the company has expanded its product portfolio as well as its customer base. According to Trinity Partners, the next phase of the company’s journey will include capital provided by the fund with the goal of increasing production. The fund also plans to leverage its experience with the transmission manufacturer, RENK.

The Triton press release also adds that Integris is one of the only vertically integrated manufacturers of composite armour. This is increasingly important for customers as it allows for closer control of the design and prototyping phase of a product in shorter timeframes. Another example in the composites field is Turkish company Nurol Teknoloji, which also includes European ceramic powder manufacturer IKH, within its supply chain.

Triton case study: RENK

Triton acquired a majority stake (76%) in RENK from Volkswagen AG in October 2020 for an enterprise value of approximately €700 million. Following a voluntary public takeover offer to minority shareholders, Triton eventually took the company private to focus on operational improvements and strategic expansion. This included the 2021 acquisition of L3Harris’s Combat Propulsion Systems to create “RENK America.”

Triton took RENK public in 2024, selling shares to KNDS at a 6.7% stake and to Wellington Management. Triton gradually reduced its share holding over the following year, fully exiting in 2025. The company was valued at approximately €6 billion at the time, reflecting a very considerable return on Triton’s investment.

Calibre comment: Ceramic armour and armoured vehicle tail winds

Integris is riding strong tail winds, according to Triton, and this is likely true. European states have ordered hundreds of armoured vehicles since 2022, and hundreds more are likely to follow from the US in the near future. Ceramic armour is an important component, providing lightweight protection against ballistic threats. However, as recently seen with Estonia, there are also market pressures that may dampen growth in the vehicle market. This is not to say that Integris will necessarily be affected, it has a broad offering in terms of armours and composites.

However, it is to say that the future for armoured vehicles is far from clear, it may grow yet further, it may not. The war in Ukraine has demonstrated that air defence is critical if a state wants to survive a war with Russia. It also shows that long-range fires can be very effective, and that drones can cause a lot of damage. States are wrestling with all of this as well as budgetary constraints, which could impact large capital programmes.

The lead image shows an Integris Composites facility. Credit: Integris Composites.