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Independent advisory  ·  Poland & CEE defense

Defense transactions in Poland & CEE, decoded

A specialist boutique for the defense sector: independent business valuation, full due diligence, IP valuation and target origination. We respond to market inquiries with a deeply networked bench across Polish and Central & Eastern European defense — built for primes and investment funds.

PL + CEE
Geographic focus & deal network
100%
Defense & dual-use sector focus
[XX]+
Valuation & DD engagements
~30d
Indicative delivery, working days
Who we are

An independent transaction partner inside the defense ecosystem.

ematch defense is a sector-focused advisory boutique operating where capital, technology and national security intersect. We combine financial rigour — valuation, modelling, due diligence — with on-the-ground intelligence across the Polish and CEE defense industrial base.

Because the region's most relevant targets are private, founder-led or carve-outs, deals are won through relationships and discretion. We are built for exactly that: a senior, conflict-light team that originates, screens and stress-tests opportunities the broad market never sees.

Deeply networked across PL & CEEDirect lines to manufacturers, founders, integrators, agencies and the regional investor community.
Independent & conflict-awareNo product to push and no balance sheet to place — only an objective view of value and risk.
Responsive to market inquiriesWe turn RFIs and market soundings into structured, decision-ready answers under tight timelines.
01 — VALUE

Valuation & financial diligence

Enterprise and asset-level valuation built on income (DCF), asset-based and market-comparable approaches, supported by full financial review.

02 — RISK

Full due diligence

Legal, corporate, commercial, IP, operational and security diligence — surfacing the risks that move price and the conditions that close a deal.

03 — ACCESS

Origination & market access

Target identification and discreet market sounding across the regional defense base, on behalf of acquirers and financial sponsors.

What we do

Capabilities, end to end.

A single bench covering the full transaction question — what a defense business is worth, what could go wrong, and where the next opportunity sits.

Business & enterprise valuation

Standalone valuation of the company and its key assets, defensible to investors, boards and counterparties.

  • Income approach — DCF
  • Asset-based approach
  • Market / comparables approach
  • Brand value & growth potential

Due diligence

Full-scope review of the target company — the work that converts a thesis into a price and a set of conditions.

  • Corporate & legal review
  • Commercial & contract analysis
  • Operational & supply-chain
  • Red-flag or full DD reports

IP valuation & technology audit

Identification, verification and valuation of intellectual property and its impact on enterprise value.

  • Patents, designs & trademarks
  • Know-how & trade secrets
  • Employee & contractor works, licences
  • IP disputes & patent-durability risk

M&A & target origination

Finding, qualifying and approaching the right businesses across Poland and CEE — discreetly.

  • Buy-side screening & longlists
  • Target identification & mapping
  • Market sounding & RFI response
  • Sell-side & carve-out preparation

Financial analysis

A clear read of historic performance and the drivers that underpin every valuation conclusion.

  • 3-year financial statement review
  • Cash flow, cost & revenue structure
  • Working capital, margins, leverage
  • Key value-driver identification

Market & competitive intelligence

Sector context that frames value — where the target sits, who it competes with, and where it can grow.

  • Technology & market characterisation
  • Competitor benchmarking
  • Segments & trends
  • Growth potential & market risk
Defense-grade depth

What we assess that generalists miss.

Defense value lives in details a standard corporate review overlooks. Our diligence and valuation work covers the factors that actually determine whether a target is acquirable, fundable and strategically relevant.

Industrial security clearance — scope & validity AQAP / NATO quality standards ISO & defense QMS Military / police trade concessions Deliveries to the Armed Forces (direct & indirect) R&D cooperation — NCBR, EDA & partners Technology Readiness Level (TRL) Production scalability & quality repeatability Test infrastructure — range, lab & environmental Supply-chain security & dependency risk Cybersecurity & information protection Key-personnel competencies & org structure Customer & contract portfolio Patents, know-how & IP portfolio
How we work

A structured, evidence-led approach.

Every engagement triangulates value across multiple methods and pressure-tests it against legal, technical and commercial reality — so conclusions hold up in front of investment committees and counterparties.

PHASE 01

Scope & data room

We align on objectives, agree the value standard and assemble the information base — financials, contracts, IP register, clearances and technical documentation.

PHASE 02

Diligence workstreams

Parallel review across legal & corporate, IP, financial, commercial, operational and security/compliance — each surfacing the issues that move price.

PHASE 03

Valuation & reporting

Value built on at least two of: DCF, asset-based and comparable methods — delivered as a clear, decision-ready report with a documented bridge to value.

~30 working days indicative delivery from data-room access
≥ 2 valuation methods triangulated for every conclusion
Multi-disciplinary team — finance, law, IP & industrial technology
Who we serve

Two clients, one playbook.

Whether you build defense capability or back it, the question is the same — what is it worth, and what could go wrong. We answer both, fast.

Defense primes & manufacturers

Build capability through acquisition.

For strategic acquirers seeking technology, capacity, talent or vertical integration across the regional supply base.

  • Capability & technology acquisition
  • Supplier consolidation & vertical integration
  • Independent valuation for transactions
  • Offset & industrial-cooperation partners
  • Confidential approach to founder-led targets
Investment funds & financial sponsors

Find and underwrite the right targets.

For PE, growth and special-situations investors looking for proprietary defense and dual-use opportunities in PL & CEE.

  • Proprietary deal origination & screening
  • Target longlists across PL & CEE
  • Independent valuation & financial modelling
  • Red-flag & full due diligence
  • Value-creation & exit-thesis support
Experience

Proven across valuation, diligence and origination.

Representative engagements across the defense and dual-use space — spanning enterprise and IP valuation, full due diligence and buy-side origination. Client identities are withheld where confidentiality applies.

Valuation & DD

[Engagement title]

Valuation and full due diligence of a [UAS / drone manufacturer] — covering IP, clearances, contracts and TRL. Delivered in [XX] working days.

IP valuation

[Engagement title]

IP valuation and patent-risk assessment for a [defense electronics / C4ISR] business ahead of a [transaction / fundraise].

Buy-side origination

[Engagement title]

Buy-side target screening across [Poland & CEE] for a [prime / fund][XX] targets mapped, [X] approached.

Placeholder content — replace bracketed items with anonymised engagement highlights (e.g. min. 3 tech-company valuations and 2 IP valuations) once finalised.
Engagement models

Flexible ways to work with us.

A

Buy-side advisory & origination

End-to-end support for acquirers and funds — from target identification and market sounding through valuation and diligence to deal support.

B

Independent valuation & due diligence

A standalone, objective valuation or DD report — including IP valuation and vendor due diligence — that withstands scrutiny from boards and committees.

C

Consortium & subcontractor

Specialist defense-sector workstreams, datasets or expert input delivered inside a larger advisory consortium or framework.

The bench

Senior people, all the way down.

A multi-disciplinary team spanning finance, commercial law, intellectual property and industrial technology — the four lenses every defense engagement demands.

MP

[Full Name]

Managing Partner

[Short bio — focus, sector experience, prior roles.]

[LinkedIn]
VF

[Full Name]

Valuation & Financial DD

[Short bio — valuation methods, financial diligence, sectors.]

[LinkedIn]
IP

[Full Name]

IP & Legal Due Diligence

[Short bio — IP valuation, commercial law, defense regulation.]

[LinkedIn]
DS

[Full Name]

Defense Sector & Origination

[Short bio — industry network, technology, origination.]

[LinkedIn]
Get in touch

Have a target, a mandate or a market inquiry?

Tell us what you are exploring — an acquisition, a valuation, a diligence question or a market sounding. We reply within one business day, under NDA where needed.

[ ]
[Full Name] Managing Partner · [name]@ematchdefense.com
[ ]
[Full Name] Partner · [+48 ___ ___ ___]
@
General enquiries contact@ematchdefense.com

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