CEE M&A Monitor
Defence · arms and ammunition trading licence Poland Share purchase — shares transferred, payment conditional 29 Sep 2026

PRIME ASI buys 70% of arms-trading licence holder JJB for PLN 700k, with the right to unwind within 120 days

PRIME Alternatywna Spółka Inwestycyjna S.A. of Rzeszów reported on 29 September 2026 that it had signed an agreement with the three existing shareholders of JJB sp. z o.o. of Szczecin and acquired 70 shares, or 70% of the capital and votes, for PLN 700,000. The shares passed to PRIME on signing, regardless of payment; the remaining 30% stays with the existing shareholders. JJB holds a licence from the Polish Minister of the Interior and Administration (No. B-062/2023) covering trade in explosives, weapons, ammunition and military or police goods and technology, without the right to store them. Payment is deferred: it is due within 20 days of signing, subject to conditions, including JJB notifying the ministry of the ownership change, keeping the licence in the required scope and filing with the court register. PRIME will fund the purchase from its ongoing series I share issue. JJB's management does not change, and only JJB may use the licence. PRIME may withdraw until the 120th day after acquiring the shares, for example if the payment conditions are not met by the 90th day or if obstacles to the licence arise; if the conditions are still not met after 120 days, the sale is dissolved unless extended, with shares and any payment returned within seven business days.

Our take What is being bought here is mainly a licence, not a business. JJB's value comes from its permission to trade in weapons and military goods, and the deal is built to protect that: payment only after the ministry is notified and the licence is confirmed, and a 120-day right to reverse the whole thing. This is how small regulated businesses — licensed traders, carriers, clinics, security firms — are usually sold when the permit is worth more than the assets. The PLN 1 million implied value for 100% also shows the scale: such licence holders change hands for small amounts, the sellers keep 30%, and JJB's management does not change. For buyers of licensed businesses, the lesson is to tie the price to the licence surviving the change of owner and to check early what the regulator requires.
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