Mimir has agreed to acquire Osprey, Sandvik’s metal powder business, in a carve-out deal that will create a standalone global player in gas-atomised metal powders.
The acquisition gives Mimir exposure to a critical and difficult-to-substitute material used in next-generation manufacturing, with demand driven by structurally growing markets including defence, space, medical technology and energy.
Osprey is a world-leading specialist in gas-atomised metal powders, backed by more than 50 years of expertise in atomisation technology. Its portfolio spans more than 2,000 alloy variants and over 400 distinct alloys, giving the company one of the broadest product ranges in the market.
The company’s materials are used in some of the most advanced manufacturing technologies, including additive manufacturing, or metal 3D printing, metal injection moulding (MIM), hot isostatic pressing (HIP) and cold spray.
Osprey’s appeal lies not only in its technology and extensive alloy portfolio, but also in the high barriers customers face when switching suppliers.
For customers in sectors such as defence and medical technology, metal powder selection can be critical to the performance and qualification of a component or production process. Once a material has been approved, changing suppliers can require significant investment, lengthy lead times and extensive regulatory requalification.
That creates high switching costs, long-standing customer relationships and a defensive revenue base that is difficult for competitors to replicate.
”Osprey is precisely the kind of company we look for. It combines deep materials science, a world-class alloy library and decades-long customer relationships in markets with strong underlying growth. That combination creates barriers to entry that are very hard to build and even harder to copy — and that is where we see the potential to accelerate value creation,” says Joakim Notö, Managing Partner at Mimir.
Mats Gunnarsson, founder of MonteCap, will join Osprey as Chairman of the Board when the transaction closes.
”Osprey has an unusually strong foundation to build on. As an independent company, the business can direct its full focus towards customers, technology development and the segments where growth is strongest. I look forward to working with management and Mimir to step up the company’s next phase,” says Mats Gunnarsson.
Following the carve-out, Osprey plans to step up investment in product development, new alloys and international expansion, with a particular focus on additive manufacturing and other advanced manufacturing processes where demand is growing fastest.
The transaction fits Mimir’s strategy of carving divisions and business areas out of large global groups and developing them as focused, high-technology companies.
The deal positions Osprey to pursue growth as an independent business while leveraging its deep materials expertise, broad alloy portfolio and established customer relationships across some of the world’s most demanding manufacturing markets.
