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$IMPERION-FUND · THE BUSINESS OF WAR | Investing in Defense with Ricardo Gomez Acebo
now playing · $IMPERION-FUND
$IMPERION-FUNDbullish· high· posricardo gomez acebo
Imperion Fund: 150M EUR defense fund targeting supply chain companies tied to specific state programs
The fund allocates 80% to EBITDA-positive companies in defense supply chains with visibility into 10-40 year program cycles, and 20% to startups with critical emerging capabilitie…
$BOOSTERbullish· high· posricardo gomez acebo
Booster (Egeste Broker & ATS) is Imperion's most important investment with operating partner embedded
Booster represents the germ of the fund's strategy — a broker and ATS business where operating partner Tato is actively involved, providing direct access to defense supply chain d…
$MAD-LIONSbearish· mediumricardo gomez acebo
Mad Lions: profitable esports brand sold to OverActive Media — growth expectations later collapsed
Despite profitability and strong non-endemic sponsors (SEAT, HP, Warner Music), Mad Lions faced audience fragmentation (LatAm heavy) and growth deceleration, leading to sector-wid…
$OVERACTIVE-MEDIA···neutral· lowricardo gomez acebo
OverActive Media acquired Mad Lions and went public in 2022 — esports roll-up example
OverActive's acquisition of Mad Lions and 2022 public listing illustrates the esports consolidation cycle that ultimately faced growth deceleration and valuation compression.
$SENERneutral· lowricardo gomez acebo
Sener and Oesia: Spanish Tier 1 defense suppliers in prime contractor orbit
Sener and Oesia represent the Spanish Tier 1 industrial layer that feeds prime contractors — the exact supply chain layer Imperion targets for program-aligned investment.
$OESIAneutral· lowricardo gomez acebo
Oesia: Spanish defense technology Tier 1 supplier in prime contractor supply chain
Oesia operates as a key Tier 1 in Spanish defense supply chains, representing the type of program-embedded industrial company Imperion seeks to back.
$BLUE-DELTAbullish· mediumricardo gomez acebo
Blue Delta: US defense fund modeling small-to-large program progression for portfolio companies
Blue Delta's strategy of positioning small companies in small US programs then helping them graduate to major programs provides a replicable model for program-based defense invest…
$GODSPEEDbullish· mediumricardo gomez acebo
Godspeed: $1B US defense fund executing buy-and-build with advisor network leverage
Godspeed's rapid $1B raise and buy-and-build model using advisor networks to multiply deal access represents the emerging US playbook of PE-led defense consolidation.
$INDRA···bullish· mediumricardo gomez acebo
Indra acquiring capabilities to accelerate defense positioning as Spanish prime contractor
Indra is actively making acquisitions to build defense capabilities faster than organic development, positioning itself as a key prime contractor in Spain's defense industrial bas…
$CG···neutral· highricardo gomez acebo
Carlyle and KKR now dominant buyers of US defense companies as primes retreat from M&A
US defense M&A has shifted from prime contractors to private equity (Carlyle, KKR, mid-market funds) as the sector matured — a transition Europe is beginning to replicate.
$KKR···neutral· highricardo gomez acebo
KKR alongside Carlyle leading PE buyout wave in mature US defense industrial base
KKR's active defense investing reflects the broader PE takeover of defense M&A in the US, a model European funds like Imperion, Godspeed, and Latour are now emulating.
$NAZCAbullish· lowricardo gomez acebo
Nazca launching dedicated defense fund as Spanish PE enters the sector
Spanish private equity firm Nazca creating a defense-only fund signals local PE recognition of the defense supercycle and program-driven opportunity set.
$TIKEHAUneutral· lowricardo gomez acebo
Tikehau Capital: established French fund with long defense track record
Tikehau's longstanding presence in French defense investing reflects France's more mature defense industrial base and investor comfort with the sector.
$HO.PA···bullish· mediumricardo gomez acebo
Ex-Thales president launching Latour Capital fund with industrial stakeholder model
Former Thales president backing Latour Capital signals experienced industrial leadership entering defense investing with a program-focused, government-friendly approach similar to…
$LATOUR-CAPITALbullish· mediumricardo gomez acebo
Latour Capital: ex-Thales president leading French defense fund with industrial stakeholder approach
Latour Capital mirrors Imperion's model — industrial veterans engaging directly with ministries and primes on program strategy, not just financial engineering.
$AM.PA···neutral· highricardo gomez acebo
Dassault protected by French sovereignty — cross-border M&A blocked in strategic assets
France will not allow foreign acquisition of Dassault (Rafale fighter maker) regardless of industrial logic, exemplifying the sovereignty barrier to European defense consolidation.
$RHM.DE···neutral· mediumricardo gomez acebo
Rheinmetall cited as potential pan-European tank champion in consolidation debate
Rheinmetall represents the German industrial champion that could consolidate European tank production, but political sovereignty barriers prevent true cross-border rationalization.
$LMT···neutral· highricardo gomez acebo
Lockheed Martin captures majority of Spanish frigate value via Aegis radar and mission systems
Despite Navantia building the hulls, most frigate costs flow to Lockheed Martin for Aegis radar, mission systems and integration — illustrating US dominance in high-value defense…
$NAVANTIAbullish· mediumricardo gomez acebo
Navantia: Spanish state-owned shipbuilder with world-class integration capability for frigates
Navantia's strength is integration of complex systems (lockheed Aegis, local supply chain) — a defensible capability the fund targets in supply chain positioning.