At what enterprise value was KAPPA OPTRONICS acquired in 2025?

During the acquisition of KAPPA OPTRONICS by THEON INTERNATIONAL in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 50M - 150M 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 Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.6x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KAPPA OPTRONICS when it was acquired by THEON INTERNATIONAL?

The estimated EV/EBITDA multiple for KAPPA OPTRONICS is in the range of 5x - 12x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.6x. Join our community for free to access full valuation data and industry trends.

When was KAPPA OPTRONICS acquired by THEON INTERNATIONAL?

KAPPA OPTRONICS was acquired by THEON INTERNATIONAL in 2025.

What was the revenue of KAPPA OPTRONICS at the time of the deal?

The revenue of KAPPA OPTRONICS 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 KAPPA OPTRONICS during the acquisition?

KAPPA OPTRONICS'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 KAPPA OPTRONICS 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 KAPPA OPTRONICS 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://markets.ft.com/data/announce/detail?dockey=1330-1001121376en-0KU92ONA61VOU5OG11BVATS3TI

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Home Database Industry & ManufacturingKAPPA OPTRONICS

08/2025

KAPPA OPTRONICS acquired by THEON INTERNATIONAL

GERMANY Aerospace, Naval & Defense / Electronics EV 50M - 150M EUR

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 in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.6x).

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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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

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REFERENCES

Valuation range: EV 50M - 150M 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 KAPPA OPTRONICS 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: kappa optronics

Acquirer: theon international