We wanted to share with you two recent significant acquisitions in the PPE sector:
- The acquisition of the French group PAUL BOYE by the Norwegian group NFM, announced on October 7, 2025. PAUL BOYE is a supplier of protective systems and operational equipment to the armed forces, law enforcement, civil defense and the healthcare sector, recognized as an expert in CBRN protection and tactical equipment, technical uniforms, and protective clothing for demanding operational environments. NFM is a Norwegian group specializing in the design, development, and manufacture of advanced protective systems for military and law enforcement personnel. Following the acquisition of PAUL BOYE, the NFM Group will have a presence in eight countries and employ approximately 3,400 people, including more than 1,300 in Europe.
- The acquisition of the CERVA Group by U-POWER, announced on November 3, 2025. CERVA is a Czech-based distributor and manufacturer of PPE, very active in Central and Eastern Europe, but also present in Scandinavia and Southern Europe. 80% of CERVA's revenue comes from its own brands (CERVA, PANDA, GLOVES PRO). U-POWER is a leading Italian company initially specializing in footwear manufacturing, which has progressively expanded its range to include protective and workwear, protective gloves, and head protection products. It is owned by the investment firm RENAISSANCE PARTNERS. The combined group will generate approximately €500 million in revenue and will have a commercial presence in more than 60 countries.
These two acquisitions further highlight the attractiveness and dynamism of the PPE sector, characterized by steady and sustained consolidation over several years.
