Balmoral Advisory
We originate, diligence and execute transactions in defence, space and national security technology. Our principals have invested, founded, advised, taken companies through M&A and IPO, and served. A record of deals in the sector, and a specialist network that can test a capability claim properly.
Select Completed Transactions and Experience
A selection of companies our principals have founded, invested in, advised or taken through M&A and IPO. Many more are not shown.
Why Balmoral
Defence transactions turn on things generalist bankers cannot see: whether the capability actually works, whether the programme survives the next budget cycle, and whether the buyer can clear the acquisition at all.
We have written the cheques and we have founded the companies. Our principals sit on the cap tables of defence, space and dual-use businesses across three nations.
Companies taken through trade sale, strategic investment and public listing. We have run the process and we have lived with the outcome afterwards.
Not adjacent, not aspirational. Our principals have originated, funded and exited companies in precision effects, space, quantum, cyber and advanced manufacturing.
A bench of engineers, former programme officers and technical specialists who can test a capability claim rather than take it at face value.
We are not a generalist bank with a defence page. Sovereign capability is the only thing we work on.
Our Mandates
We act for acquirers as readily as for vendors. Every mandate is led by a Managing Director and scoped to a decision, with the diligence bench engaged from day one.
Origination, target screening and acquisition execution for primes, tier ones, funds and sovereign-backed acquirers. We build the target map, open the doors, and pressure-test the capability before you commit.
Positioning a defence business for the buyers who can actually clear the transaction. We translate capability into a commercial case and run a disciplined process to completion.
Growth equity, structured debt and strategic investment for companies scaling into programme delivery. We know which capital is genuinely comfortable with defence exposure and which only says it is.
Standalone diligence for investors and acquirers who need a capability claim independently assessed by people cleared and qualified to assess it.
Most buy-side mandates begin with a screen and end with a proprietary approach. We would rather find you the company nobody else has called.
Credentials
Three things separate a defence mandate from a generalist one: whether you can be told, whether you can be believed, and whether you can verify. We are set up for all three.
Founded, funded and advised companies across space launch, precision effects, quantum, cyber and tactical equipment. Transactions closed through trade sale, strategic investment and public listing.
Security clearances held across the AUKUS nations, alongside serving military experience. Useful when the material that determines value cannot be sent over email.
Engineers, former programme and capability officers, export control specialists and technical advisers we can stand up quickly for a specific transaction.
In defence, the question is never just what a company is worth. It is whether the capability is real, whether the programme holds, and whether the deal can be cleared at all.
Leadership
We have founded, invested in, advised and exited companies in this sector. When you engage Balmoral you work directly with the Managing Director running the mandate.
Founder of Isengard Industries. Partner at BOKA, an AUKUS investment house across London, Sydney and New York, and Senior Partner at Gilmour Space Technologies. Fellow of the Australian Strategic Policy Institute and a Captain in the Australian Army. Has invested in, advised and executed transactions across space, precision effects and dual-use technology, through both M&A and public listing.
Supported by a diligence bench spanning engineering, programme management, export control and post-transaction integration across the three AUKUS nations.
Advisory Board
Our advisory board is drawn from senior command and intelligence appointments across allied nations. Identities are withheld, which is usually the point. They are available to mandates where their judgement is relevant.
Board members are engaged on a mandate-by-mandate basis and are not employees of Balmoral. Introductions are made only where a conflict check has been cleared.
Get Started
Whether you are screening for targets, preparing for an exit or need a capability claim independently tested, we are happy to talk. Classified discussions can be accommodated through appropriate channels.
Discuss a mandate →What to bring
Nothing sensitive over email. Send an outline and we will move the conversation to an appropriate channel.