KAPPA OPTRONICS
Acquired by
THEON INTERNATIONAL
KAPPA OPTRONICS acquired by THEON INTERNATIONAL
Target
KAPPA OPTRONICS
Acquirer
THEON INTERNATIONAL
Context
THEON International has acquired 100% of Kappa Optronics. The acquisition aligns with THEON's strategy to expand its product portfolio into "Platform-based" optronics (cameras mounted on vehicles/aircraft) and strengthens its industrial footprint in Germany, following previous investments in Harder Digital and Andres Industries.
KAPPA OPTRONICS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.2x average currently observed in the Industry & Manufacturing sector.
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Target
Founded in 1978, Kappa Optronics is a German developer and manufacturer of high-end camera and vision systems for aviation, land, and naval platforms. The company specializes in "ruggedized" cameras for extreme environments (e.g., pilot vision systems, gun barrel cameras). It operates an asset-light, R&D-focused model with ~200 employees and subsidiaries in the US and Spain.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with KAPPA OPTRONICS
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