CVC signs agreement to enter capital of Fibrotex, military camouflage specialist, Blum family to remain majority shareholder
The private assets manager has chosen a minority stake, with the founding Blum family remaining majority shareholder. The transaction, carried by the CVC Catalyst III fund, is still awaiting regulatory approvals.
A minority stake alongside the founding family
CVC has signed an agreement concerning the acquisition of a minority stake in Fibrotex, according to a press release published on October 12, 2026. The investment is made through the CVC Catalyst III fund. The Blum family, founder of the company, will retain the majority of capital.
This choice of structure distinguishes the transaction from a classic takeover. CVC presents it as a partnership with the founders, who retain control of the company. Following the transaction, the fund will hold a minority stake, while the Blum family will retain the majority of capital.
Fibrotex designs multispectral camouflage solutions. These devices aim to reduce the detectability of personnel, vehicles and critical equipment they protect. The company has its main sites in Kentucky, United States, and in Petah Tikva, Israel.
Its customer base is distributed across more than 20 countries. These include the United States, Japan, Australia and New Zealand, several European countries, as well as other allied nations. This geographic dispersion places Fibrotex on multiple defense markets rather than on a single domestic client.
According to CVC, demand for advanced protection technologies rests on three pillars: the long-term modernization of armies, the strengthening of security requirements and the increase in investments dedicated to the protection of personnel and equipment. This foundation forms the basis of the investment thesis presented by the manager.
Completion expected in first half of 2027
The transaction is not yet completed. It remains subject to customary regulatory authorizations, and its completion is expected in the first half of 2027. Until this deadline, the agreement constitutes a commitment of the parties, not an effective acquisition.
The role assigned to CVC Catalyst focuses on two areas. The fund intends to support the continuation of innovation at Fibrotex and its international development, drawing on its global network and its experience as an investor. In a minority structure, the contribution of the financial shareholder comes through this type of support rather than through operational conduct of the company.
Both parties engaged advisory banks. The Blum family was advised by Jefferies, while CVC relied on Rothschild.
The financial terms of the transaction are not among the elements made public at this stage, and the announcement focuses on the structure of shareholding, the timeline and the conditions precedent.
CVC Catalyst pursues its series of transactions
The agreement is part of a sequence of investments by the CVC Catalyst platform, launched in June 2025. In June 2026, CVC Catalyst announced the acquisition of a majority stake in WillowWood, from Blue Sea Capital, the Arbogast family and management. In July 2026, CVC indicated it had raised €3.0 billion for its private equity fund focused on the European mid-market.
The group has multiplied announcements in recent weeks. On September 17, 2026, CVC DIF and Carlyle concluded an agreement to acquire BauWatch, with Haniel retaining 10%. On September 18, CVC entered the capital of British firm Ridge.
On September 25, the manager announced an investment in Czech content distribution specialist CDN77, as well as senior debt financing provided by CVC Credit for the acquisition of Dalziel by Peak Rock Capital.
