The Czechoslovak Group (CSG), formerly Excalibur Group, is a Czech industrial-technological holding company encompassing over 100 companies with over 14,000 employees worldwide. Headquartered in Prague, CSG operates in several sectors including defense, aerospace, ammunition, automotive, and railway industries. Since January 2018, the owner of the Czechoslovak Group is Michal Strnad, the son of the founder, Jaroslav Strnad. In 2025, Michal Strnad stated that his aim is to grow the Czechoslovak Group into the second largest European defense manufacturer.
While bulk of the CSG's operations is based in the Czech Republic and Slovakia, CSG also operates factories in Germany, Greece, India, Italy, Serbia, Spain, the United Kingdom and the United States. In 2024, the company became one of the world's largest manufacturers of small arms ammunition through acquisition of The Kinetic Group.
In 2024, 78% of CSG's revenue originated from defense-related manufacturing, with small arms ammo manufacturing contributing further 11.3%. CSG exported its products to over 70 countries, with 50% of the CSG's revenue realized in NATO states and 42% in Ukraine (23% of CSG's revenue in 2023, 41% in 2022).
History 20th century Jaroslav Strnad started his business as a scrapyard owner in 1990s. From early on, Strnad focused his business on dealing with military surplus equipment, which was in extreme oversupply after the fall of the Warsaw Pact. In 1995, Jaroslav Strnad founded a family company Excalibur Army with less than 20 employees and with CZK 100,000 ($ 3,700) initial operating capital. The newly established company expanded business from scrap dealing also towards refurbishment of military surplus equipment. Gradually, the company started acquiring other businesses focused on rail, radar, truck manufacturing.
21st century During Jaroslav's time, the company focused on expansion of its business primarily in the Czech Republic and from 2008 also in Slovakia. In 2013 CSG acquired majority stake in Tatra trucks. In 2016 CSG purchased military repair facility in Šternberk from the Czech government.
In 2016 Jaroslav's son Michal took a role of a Chairman of the Board of Directors and the company Excalibur Group was renamed Czechoslovak Group.. In 2018, Jaroslav transferred full ownership of the company to Michal, who started international expansion of the company with purchases of multiple foreign companies, e.g. Fábrica de Municiones de Granada (2020), Fiocchi Munizioni (2022) or Vista Outdoor's The Kinetic Group (2024). In 2026, the company launched initial public offering of 15.2% of its stock at Euronext Amsterdam, raising 3.8 billion euros ($4.5 billion), which made it the world's largest defense IPO in history. Chair Michal Strnad said a significant amount of funds raised would go towards acquisitions.
Notable developments Wartime deliveries Supplies to Iraq During the War in Iraq (2013–2017), CSG became an important supplier of tanks and infantry fighting vehicles used by the Iraqi Government against ISIS.
Training of Afghan pilots During the War in Afghanistan (2001–2021), CSG trained pilots of the Afghan National Security Forces on its fleet of Black Hawk helicopters.
Supplies to Ukraine During the Russo-Ukrainian war, CSG has been one of the leading European suppliers of defense and defense-related products to Ukraine, especially through the Czech Ammunition Innitiative, through which the Czechoslovak Group delivered 1 million artillery shells in 2024 alone (partially through its own production, partially by re-imports and refurbishments).
Before the 2022 Russian invasion of Ukraine, a number of Ukrainian arms developments were using Tatra 817 chassis, including 2S22 Bohdana howitzer, Bureviy rocket artillery system and R-360 Neptune cruise missile. Following the invasion, deliveries to Ukraine comprised 41% of CSG's revenue in 2022, 23% in 2023 and 42% in 2024. CSG's most notable sales to Ukraine include:
Artillery and ammunition deliveries from multitude of its factories (see table below) T-72 Avenger main battle tanks BMP-1 and BMP-2 infantry fighting vehicles RM 70 Vampire and BM-21 MT STRIGA multiple launch rocket systems DANA M2 and DITA self-propelled howitzers
Partnerships and collaborations CSG cooperates with multiple other defense manufacturers, e.g. KNDS on Nexter Titus and Leopard 2A8, with Steyr-Daimler-Puch on Pandur II (8×8), or with Israel Aerospace Industries on radar technology (through CSG'S Retia subsidiary).
In June 2026, at the Eurosatory defence exhibition, the Czechoslovak Group (CSG) presented the Trident multi-layer air defence system. The modular system is designed to counter a range of aerial threats, including aircraft, helicopters, cruise missiles and unmanned aerial vehicles. It can integrate surface-to-air missiles, gun-based systems, counter-UAS elements and electronic warfare capabilities.
Roketsan is a strategic partner in the project, supplying short-, medium- and long-range surface-to-air guided missiles together with their transport and launch containers. Other contributors include Excalibur International (main system integrator), Retia (radars and command-and-control systems), and Tatra Trucks/Tatra Defence (chassis and armoured platforms).
Kinetic Group purchase controversy In October 2023, CSG announced a deal to purchase the ammunition business The Kinetic Group (which includes companies such as Remington Ammunition) from the US company Vista Outdoor. Vista's sale to CSG became a focus of political controversy in the USA, as it was protested by the senator and later vice-president JD Vance, senator John Kennedy, representative Clay Higgins and National Sheriffs' Association. Vista Outdoor stockholders approved the sale of Kinetic Group on 25 November 2024 for the price of $2.23bn.
2026 Hunterbrook report In May 2026, Hunterbrook Media published an investigative report challenging several aspects of CSG's business and disclosures. The report argued that investors may have overstated the extent of the company's in-house ammunition manufacturing, alleging that a substantial portion of ammunition revenue was derived from sourcing, refurbishment and recommissioning activities involving ammunition acquired from third parties. Hunterbrook further questioned disclosures relating to related-party transactions, a minority shareholder dispute, and the operational status of certain ammunition-production facilities.
CSG rejected the allegations and stated that its IPO documentation and public disclosures accurately reflected the company's operations and financial position. The company stated that it operated production facilities across multiple countries and reported production of approximately 630,000 medium- and large-calibre rounds in 2025. CSG also stated that certain transactions and liabilities highlighted by Hunterbrook had been fully disclosed and that some obligations referenced in the report had already been settled.
Hunterbrook Capital, an affiliated investment fund, disclosed that it held a short position in CSG shares.
Notable holdings The Czechoslovak Group holds shares in around 100 companies based mainly in the Czech Republic and Slovakia, the table below includes only some of them. Logo Company Headquarters Focus Share Note / main products CSG Defense14. oktobarKruševac, SerbiaTank and artillery ammunition productionHeavy machinery manufacturing100%Established 1923. EXCALIBUR ARMY spol. s r.o.Šternberk, Czech RepublicRefurbishment and manufacturing of heavy arms90%T-72 Avenger tankMorana 155mm SPGRM 70 Vampire MLRSEXCALIBUR INTERNATIONAL a.s.Prague, Czech RepublicExport agency for CSG companiesFábrica de Municiones de GranadaGranada, SpainTank and artillery ammunition production.Established 1324.Hellenic Ammunition S.A.Lavrio, GreeceTank and artillery ammunition productionTNT Production49%Joint venture concluded in 2025 with Hellenic Defence Systems (Greek state company) aimed at restarting of production in a mostly defunct TNT and ammunition factory.MSM North AmericaSt. Petersburg, FloridaTank and artillery ammunition productionIn 2025, the company was awarded a United States Department of Defense contract for Future Artillery Complex to be built and operated within the Iowa Army Ammunition Plant. The highly automated plant shall produce 36,000 155mm artillery shells monthly by September 2029.MSM WalsrodeBomlitz, GermanyArtillery-grade nitrocelulosis production.Since 1879.REAL TRADE PRAHA a.s.Šternberk, Czech RepublicInternational arms trade91%Licensing and transporting services for intl. arms tradePrague, Czech RepublicArmored military vehicles development and manufacturing100%Patriot MRAPTITUS MRAPPandur II APCArmored cabs for Tatra trucksLeopard 2A8 hulls VOP Nováky, a. s.Nováky, SlovakiaProduction of rockets, grenades, etc. ZVI a.s.Vsetín, Czech RepublicMedium ammunition production 20 - 30mm ammunitionZVI Falcon ZVS holding, a.s.Dubnica nad Váhom, SlovakiaTank and artillery ammunition production.Established 1937. CSG Ammo+Baschieri & Pellagri ammunition Bologna, ItalySmall arms ammunition manufacturerCCI AmmunitionLewiston, IdahoSmall arms ammunition manufacturerFederal Premium AmmunitionAnoka, MinnesotaSmall arms ammunition manufacturerFiocchi MunizioniLecco, ItalySmall arms ammunition manufacturer100%Established 1876. Operates also 2 factories in the USA.HEVI-ShotSweet Home, OregonSmall arms ammunition manufacturerLyalvale ExpressFisherwick, United KingdomSmall arms ammunition manufacturerRemington AmmunitionLonoke, ArkansasSmall arms ammunition manufacturerEstablished 1816SPEER AmmunitionLewiston, IdahoSmall arms ammunition manufacturer CSG AerospaceAtrak a.s.Prague, Czech RepublicAdvanced air traffic control systems development100%Česká letecká servisní a.s. Prague, Czech RepublicAvionics integration for air-plane modernizationCS SOFT a.s.Prague, Czech RepublicAdvanced air traffic control systems development80%Pardubice, Czech RepublicRadar technology development and manufacturing100%EUROPEAN AIR SERVICES s.r.o.Prague, Czech RepublicSales and modernization of aircraft, pilot training87,3%Operates fleet of 24 helicoptersMUST SolutionsBelgrade, SerbiaUAV engines development and manufacturing51%Mechatronics Umnanned Systems & Technology Solutions, acquired in 2025Pocket VirtualityPrague, Czech RepublicXR technologies for industry and defensePardubice, Czech RepublicRadars, air-defense systems, ISTAR systems, command and control systems100%Slovak Training Academy s.r.o. Dubnica nad Váhom, SlovakiaPilot training100%UpVision s.r.o.Prague, Czech RepublicDrone technology and drone defense developer CSG MobilityAvia Motors s.r.o.Prague, Czech RepublicLight truck manufacturing100%Established 1919 (currently defunct)Třemošnice, Czech RepublicManufacture of rail breaking systems51%Established 1816.KARBOX, s. r. o. Přelouč, Czech RepublicContainer development and manufacturing100%LIberecké Automobilové ZávodyJablonec nad Nisou, Czech RepublicMedium truck manufacturing 100% Established 1951 (currently defunct)TATRA TRUCKS a.s.Kopřivnice, Czech RepublicHeavy truck & chassis manufacturing65%The third oldest company in the world producing motor vehicles with an unbroken history. Established 1850, first car made in 1897, first truck in 1898. Tatra 810 medium off-road truckTatra 817 heavy off-road military truckTatra 158 heavy off-road civilian truck CSG Business Projects (other)PerazziBrescia, ItalyHigh-end shotgun manufacturing80%Established 1957. Prague Fertility CentrePrague, Czech Republic100%
Notable previous holdings (sold off) Logo Company Headquarters Focus Share Note / main productsELTON hodinářská, a. s.Nové Město nad Metují, Czech RepublicWatch manufacturing73,16%PRIM watchesSold in 2025.JOB AIR Technic a.s.Mošnov, Czech RepublicMaintenance and servicing of airplanes40,15%Sold in 2025
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