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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
1b PLN+
Combined deal value across 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 and operational workstreams — 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.

Our work spans the defense and dual-use space — enterprise and IP valuation, full due diligence and buy-side origination. Given the sensitivity of the sector, engagement details and references are shared selectively.

Track record available on demand

Representative engagements, references and case detail are provided on demand, under NDA — disclosed only to qualified counterparties once a conversation is under way.

Request references
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 and valuation, commercial law, and deep defense-sector expertise and origination — the lenses every defense engagement demands.

DI

Damian Iwanowski

Managing Partner

10+ years across international finance, M&A and the industrials sector, including over 8 years at the World Bank Group. He engages directly with public bodies across CEE — government ministries and the European Commission — connecting private capital with the public sector.

KO

Krzysztof Orzechowski

Valuation & Due Diligence

Leads valuation and financial due diligence — building DCF, asset-based and market-comparable analyses and pressure-testing the numbers behind every transaction. His work spans industrial, technology and defense-adjacent businesses across Poland and CEE.

JW

Jakub Wilk

Legal Advisor

Worked with renowned Polish and international law firms and is certified by the Air Force Institute of Technology in Warsaw for the trade of products intended for military or police use. He advises on transaction support and due diligence across technology, industrial and professional-services deals.

DS

Defense Sector & Origination Advisor

Senior Advisor

Senior advisor with more than 25 years in the Polish defense sector, who took part in multiple privatisations and advised both primes and defense-tech companies on successful market entry, investments and joint ventures.

MA

Senior Military Advisor

Senior Advisor

A senior military background at general-officer level, with deep experience inside the Polish Armed Forces and allied NATO structures. Advises on operational requirements, capability development and how defense programmes are planned, procured and fielded.

PA

Defense Technology & Public Affairs Advisor

Senior Advisor

Focused on military products and technologies, with strong standing in defense procurement. Leads government relations and public affairs — direct engagement with ministries and public administration to position programmes, partnerships and market entry.

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. Contact is by email for now; we reply within one business day, under NDA where needed.

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