Months after purchasing a portfolio of iconic American ammunition brands, the Czechoslovak Group (CSG) is preparing to go public. In December 2024, CSG completed the $2.23 billion purchase of the Kinetic Group, the largest manufacturer of ammunition in the U.S. with storied brands like CCI, Federal Premium, Hevi-Shot, Remington, and Speer. The transaction consolidated a significant share of the American ammunition market within the privately held Czech company, sparking concerns over foreign control of America’s ammunition production and national security.
Considering its market share, CSG going public would not only provide more disclosures and insights about the company, but also the global ammunition market as a whole.
CSG’s rise is also representative of a broader boom in the European defense industry, as governments pour billions into rearmament, reducing dependence on U.S. suppliers and bolstering self-sufficiency amid growing strains in the transatlantic relationship.
CSG’s Rapid Growth
CSG is now one of Europe’s largest privately held defense companies, with accelerated growth over the past two years. The company is led by CEO Michael Strnad, a 33-year-old billionaire recently named the richest person in the Czech Republic. CSG has over 14,000 employees across 100 subsidiaries.
The Kinetic Group transaction was not the company’s first foray into ammunition. Prior to that acquisition, in 2022, the company purchased a majority stake in Italian ammunition company Fiocchi. Earlier this year, the company purchased the remaining ownership stake to become the company’s sole owner. CSG recently consolidated Fiocchi operations under the Kinetic Group umbrella. Beyond ammunition, CSG produces military vehicles, heavy off-road trucks, weapons, and specialized weapon systems.
Financial filings detail CSG’s recent surge. In April, the company reported that its revenue for 2024 was €4 billion, more than double its revenue from the prior year. Last year, CSG reported that its 2023 revenue was €1.7 billion, a 71-percent increase from 2022. The company has seen soaring demand for ammunition and military equipment since Russia’s invasion of Ukraine in 2022.
In September, CSG reported revenue of €2.8 billion for the first half of 2025 as well asa backlog of roughly €14 billion in orders — figures that have made it a standout in Europe’s booming defense sector. The company also disclosed that it was “evaluating potential strategic alternatives to support its continued growth strategy,” including the possibility of a public listing.
ipo preparations underway
In August, media reporting confirmed that the company had retained JP Morgan to advise on the initial public offering (IPO). A few weeks later, the company reportedly added Commerzbank AG, Deutsche Bank AG, Erste Group Bank AG, and Morgan Stanley to the team of banks supporting the IPO.
The news comes months after the IPO of the Donald-Trump-Jr.-backed GrabAGun, an online retailer of guns and ammunition.
CSG’s potential IPO is expected to raise €3 billion or more, and the company is seeking a valuation of €30 billion. The IPO is still in its exploratory phase, and CSG has not revealed which exchange it is targeting for the offering.