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06/2026100%

HGH Systèmes Infrarouges acquired by Theon International

FRANCE Hardware & Electronics / Electronic Components / Sensors & Optics EV €300–700M

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.

In the past, HGH Systèmes Infrarouges was acquired by The Carlyle Group in 2018 as part of its expansion strategy.

HGH Systèmes Infrarouges, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€25–50M
€5–25M
[members only]
2024
€25–50M
€5–25M
[members only]

Other operations with HGH Systèmes Infrarouges

Other operations with HGH Systèmes Infrarouges
DateAcquirerTargetCountrySector
05/2018THE CARLYLE GROUPHGH SYSTÈMES INFRAROUGESFRANCESensors & Optics

Other operations with Theon International

Other operations with Theon International
DateAcquirerTargetCountrySector
08/2025THEON INTERNATIONALKAPPA OPTRONICSGERMANYElectronics

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HGH Systèmes Infrarouges by Theon International are reserved for mynth community members. Register for free to unlock full data.

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

FAQ

What transaction does this page cover?

This page covers Theon International’s acquisition of 100% of HGH Systèmes Infrarouges, a French company specialised in Electronic Components, in 2026. This followed an earlier holding cycle initiated in May 2018, when the company was acquired by The Carlyle Group.

How was the acquisition of HGH Systèmes Infrarouges by Theon International valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were HGH Systèmes Infrarouges’s revenue and EBITDA at the time of the deal?

At the time of the transaction, HGH Systèmes Infrarouges generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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