U.S.-based private equity firm AE Industrial Partners (AEI) has acquired Latvian drone maker UAV Factory, a global leader in the tactical Unmanned Aerial Vehicle and Intelligence, Surveillance, Reconnaissance technology markets, for an undisclosed sum.

UAV Factory will be a new standalone unmanned technology platform for AEI, as the firm looks to further invest in this fast-growing market, it said.

The 2009-founded UAV Factory has delivered more than 300 aircraft to defense, intelligence, and commercial customers in more than 55 countries.

“UAV Factory’s engineering and technical capabilities, combined with its proven and growing set of technology solutions, are truly differentiated in the market,” Jeffrey Hart, Principal at AEI, said in a statement.

“The UAV market is growing exponentially, and with the financial and operational support of AEI, UAV Factory is poised for increased growth and market share,” said Konstantin Popiks, Co-Founder of UAV Factory, who will remain with the Company in a senior leadership role.

“UAV Factory is at the forefront of the burgeoning global UAV market,” said Kirk Konert, Partner at AEI.

“Its first mover advantage and unique vertical integration of its proprietary technology solutions well-positions the Company to expand its share of this high growth market.”

According to Latvian trade registry, one of the UAV’s largest shareholders was Estonian firm Activity OÜ, family investment firm founded by Skype cofounder Toivo Annus who died last year.

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