HGH SYSTÈMES INFRAROUGES acquired by THEON INTERNATIONAL
Context
THEON International has entered into an exclusive agreement to acquire HGH Systèmes Infrarouges from Carlyle, covering the entirety of the company's share capital. This strategic move aims to bolster the group's capabilities in electro-optic and infrared systems, particularly for multi-domain defense applications. The transaction would integrate HGH's infrared technologies and detection solutions into THEON's portfolio, with a focus on long-range surveillance systems and automated threat detection capabilities. The acquisition leverages proprietary technologies combining sensors, software, and artificial intelligence, which are utilized in applications such as air defense, anti-drone systems, and the protection of critical infrastructure. The deal is structured with a bridge facility financing arrangement, intended to be refinanced at a later stage. This acquisition is part of a broader industrial integration strategy, aiming to create a leading European platform in defense optronics technologies. The transaction is expected to generate significant operational and commercial synergies, while accelerating the expanded group's international presence and strengthening its position in the rapidly growing defense markets.
It is worth noting that the fund The Carlyle Group took control of Hgh SystèMes Infrarouges through an LBO in 2018.
HGH SYSTÈMES INFRAROUGES, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
HGH Systèmes Infrarouges is a French company founded in 1982, specializing in the design of electro-optical and infrared systems for the defense, security, and industrial markets. The company develops advanced surveillance and detection solutions based on high-precision infrared sensors, combined with proprietary software that enables real-time data analysis and processing. Over time, HGH has positioned itself as a leader in long-range surveillance technologies, particularly for threat detection, sensitive area protection, and critical infrastructure monitoring. Its systems are used in a variety of applications, including air defense, drone detection, maritime surveillance, border security, and strategic site protection. HGH boasts a strongly differentiated technology portfolio, built on a foundation of patents and significant in-house R&D capabilities. The company's business model is characterized by high technological intensity, combining infrared optics, embedded software, and artificial intelligence to enhance object and threat detection and classification capabilities.
Ent. Value
Equity Value
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EV / EBITDA
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Historical Financials (EUR)
Other operations with HGH SYSTÈMES INFRAROUGES
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2018 | THE CARLYLE GROUP | HGH SYSTÈMES INFRAROUGES | FRANCE | Sensors & Optics |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 25M - 50M EUR
EBITDA range: 5M - 25M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: hgh systèmes infrarouges
Acquirer: theon international