At what enterprise value was HGH SYSTÈMES INFRAROUGES acquired in 2026?

During the acquisition of HGH SYSTÈMES INFRAROUGES by THEON INTERNATIONAL in 2026, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.8x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HGH SYSTÈMES INFRAROUGES when it was acquired by THEON INTERNATIONAL?

The estimated EV/EBITDA multiple for HGH SYSTÈMES INFRAROUGES is in the range of 15x - 25x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.8x. Join our community for free to access full valuation data and industry trends.

What was the revenue of HGH SYSTÈMES INFRAROUGES at the time of the deal?

The revenue of HGH SYSTÈMES INFRAROUGES at the time of the deal is estimated to be in the range of 25M - 50M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of HGH SYSTÈMES INFRAROUGES during the acquisition?

HGH SYSTÈMES INFRAROUGES's EBITDA is estimated to be in the range of 5M - 25M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HGH SYSTÈMES INFRAROUGES acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the HGH SYSTÈMES INFRAROUGES deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.carlyle.com/media-room/news-release-archive/carlyle-enters-exclusive-discussions-theon-international-sale

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Home Database TMT (Tech, Media, Telecom)HGH SYSTÈMES INFRAROUGES

06/2026

HGH SYSTÈMES INFRAROUGES acquired by THEON INTERNATIONAL

FRANCE Hardware & Electronics / Electronic Components / Sensors & Optics EV 300M - 700M EUR

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 LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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.

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Other operations with HGH SYSTÈMES INFRAROUGES

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
05/2018	THE CARLYLE GROUP	HGH SYSTÈMES INFRAROUGES	FRANCE	Hardware & Electronics	The Carlyle Group has announced the acquisition of a majority stake in HGH Systèmes Infrarouges through its Carlyle Europe Technology Partners III fund, as part of a structured control transaction. This move is part of a broader strategy to strengthen the fund's position in high-value-added electro-optical and infrared technologies. Beyond the transaction's structuring, the partnership aims to accelerate HGH's international growth by leveraging Carlyle's investment capabilities and industrial network

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 25M - 50M EUR

EBITDA range: 5M - 25M EUR

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: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: hgh systèmes infrarouges

Acquirer: theon international