Mimir has signed an agreement to acquire Osprey®, Sandvik’s metal powder business, through a carve-out. The acquisition establishes a standalone global platform in gas-atomised metal powders — one of the most critical and least substitutable input materials in next-generation manufacturing, with exposure to structurally growing end markets including defence, space, medical technology and energy.
Osprey is a world-leading specialist in gas-atomised metal powders for advanced manufacturing. With more than 50 years of experience in atomisation technology, the company offers the broadest product range on the market — over 2,000 alloy variants and more than 400 distinct alloys — together with a technological position built over decades that is exceptionally difficult to replicate.
Its materials sit at the heart of some of the world’s most advanced manufacturing processes: additive manufacturing (metal 3D printing), metal injection moulding (MIM), hot isostatic pressing (HIP) and cold spray.
A business model with exceptional barriers to entry
The investment thesis rests on an unusually strong combination of technological depth and structural lock-in. For customers in defence and medical technology, the choice of metal powder is business-critical: once a material has been qualified for a specific component or production process, switching supplier entails significant costs, long lead times and extensive regulatory requalification. The result is high switching costs, long-standing customer relationships and a highly defensive revenue base.
”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.
In connection with the transaction, Mats Gunnarsson, founder of MonteCap, will join Osprey as Chairman of the Board at closing.
”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.
As a standalone company, Osprey intends to intensify its investment in product development, new alloys and international market expansion — with particular focus on additive manufacturing and other advanced manufacturing processes where demand is growing fastest. The acquisition is fully aligned with Mimir’s strategy of carving divisions and business areas out of global groups and unlocking their full potential as focused, high-technology companies.
The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals.
About Osprey®
Osprey is a world-leading producer of gas-atomised metal powders for advanced manufacturing, supplying materials to customers in aerospace and defence, medical technology, energy, automotive and other high-technology segments worldwide. The product portfolio also includes Controlled Expansion (CE) alloys for thermal applications in sectors such as defence, aerospace and semiconductors.
About Mimir
Mimir specialises in acquiring divisions and business areas from larger groups and driving powerful, global growth through strategic investment in high-technology businesses. Previous investments include the defence-tech company Euroatlas GmbH and the fintech company Everspring.
