Colt CZ Group has acquired 51% stakes in Synthesia Nitrocellulose, a.s. and Synthesia Power, a.s. for a combination of cash consideration amounting to CZK 5.5 billion and the issuance of 6,174,214 new ordinary shares in Colt CZ at a price of CZK 732 per share. The total transaction value amounts to CZK 10 billion in aggregate, after the deduction of SNC’s net debt. The remaining 49% stake
s in both companies may be acquired by the Group under pre-agreed terms in the medium term.
| CZK million | Cash consideration | Value of shares issued | Transaction value (after deduction of net debt) |
| Synthesia Nitrocellulose, a.s. (51% stake) | 5,500 | ~3,807 | ~9,307 |
| Synthesia Power, a.s. (51% stake) | 0 | ~714 | ~714 |
| Total | 5,500 | ~4,521 | ~10,021 |
The purchase price may be adjusted during the first quarter of 2026 to reflect the actual amount of net debt and working capital of Synthesia Nitrocellulose, a.s. as at 6 January 2026.
As a result of the transaction, the selling company Kaprain Chemical Limited (“Kaprain”) has acquired a 9.86% stake in the registered share capital of Colt CZ Group and has become the third-largest shareholder of Colt CZ. The new shares were issued on 6 January 2026, and both SNC and SP will be consolidated into the Group as of 1 January 2026.
“The completion of the acquisition of one of the world’s leading producers of energetic nitrocellulose represents another strategic milestone for Colt CZ Group. By integrating Synthesia Nitrocellulose, we are strengthening our control over a key input material for ammunition production, enhancing the resilience of our supply chain, and at the same time creating room for further technological and product development in the medium- and large-calibre ammunition segments. We also welcome the entry of a new major shareholder, Kaprain Group, a strong player in the chemical industry, and we look forward to future cooperation,” said Radek Musil, Chief Executive Officer of Colt CZ.
VWAP – volume-weighted average price over a 180-trading-day period
“Today marks the opening of two new chapters for Kaprain. We are becoming a significant shareholder in Colt CZ Group, which is listed on the Prague Stock Exchange. At the same time, we are gaining a strong strategic partner with whom we will continue to develop nitrocellulose and energy production in Pardubice. I expect that together we will seek further expansion opportunities across the entire value chain, both organically and through M&A. We view both of these chapters with optimism and look forward to long-term cooperation with Colt CZ Group,” said Jan Kadaník, Chairman of the Board of Directors of Synthesia, a.s. and Director of Kaprain Chemical.
The acquisition was financed through a combination of the Company’s existing cash resources and funds raised through a public bond issuance completed in November 2025.
“We would like to thank our shareholders and bondholders for their long-term support and trust. In line with our strategic growth vision, we continue to actively assess opportunities in the capital markets that may contribute to increasing the Company’s market value and enhancing the liquidity of its shares. At the same time, our aim is to create room for further expansion of the shareholder base,” added Radek Musil.
Synthesia Nitrocellulose, a.s. was established in December 2024, when the nitrocellulose production division was carved out of Synthesia, a.s., one of the largest producers of energetic nitrocellulose in Europe and North America. Energetic nitrocellulose is a key raw material for the production of single-base and double-base powders and ejection charges and is essential for the manufacture of small-, medium- and large-calibre ammunition. SNC is currently further expanding its production capacity in order to meet growing market demand. Synthesia Nitrocellulose is also a significant producer of industrial nitrocellulose and oxycellulose used in the healthcare sector.
Synthesia Power, a.s. was established through the spin-off of the former energy division of Synthesia, a.s., which provides energy production and supply for the industrial site in Semtín and Rybitví.

