Cavendish, a leading investment bank and trusted adviser to UK companies, is delighted to announce that it has advised on the sale of OSL, a leader in counter-drone security and safety systems, to Terma A/S, a Danish-based global provider of mission-critical solutions for defence, aerospace and security.

The acquisition advances Terma’s strategy to build market-leading capabilities in Counter-Unmannned Aircraft Systems (C-UAS) and critical-infrastructure protection. Together, the combined team aligns civilian and defence best practices into a cross-domain, end-to-end C-UAS solution that can detect, track, classify, decide and engage in seconds.

As defence and security priorities evolve, spending is increasingly directed towards advanced technologies that address emerging threats rather than traditional hardware. The sector remains highly fragmented and fast-moving, fuelling substantial M&A activity as companies consolidate capabilities to match the pace of modern threat development.

The transaction secured an excellent outcome for OSL’s founder and shareholders whilst delivering a strategically valuable asset to Terma.

The deal demonstrates Cavendish’s capability in executing complex cross-border transactions, bringing together a Danish acquirer and UK target through an off-market process.

Cavendish also worked closely with its Oaklins colleague, Stephen Perry of Oaklins Janes Capital, Oaklins’ aerospace, defence and security specialist firm in Irvine, California.

Anthony Platt, Partner and Head of Technology at Cavendish, commented:

“OSL represents one of the UK’s most advanced and operationally proven C-UAS platforms, trusted by major airports and national-infrastructure operators. Bringing the business together with Terma — a global leader in multi-domain situational awareness and defence-grade command-and-control — creates a differentiated capability at a time when demand for integrated counter-drone solutions is accelerating worldwide.

It has been a pleasure working with Mark and the OSL team. This transaction is a strong strategic outcome for all parties and positions the combined business to scale rapidly across both civil and defence markets.”

Soben Durai, Associate Director at Cavendish, commented:

“OSL’s track record has been built over more than 14 years of innovation and close collaboration with major airports and critical-infrastructure operators. It has been great working with Mark, the management team and BGF to deliver this transaction. The combination with Terma creates a strong foundation for the next phase of the company’s growth.”