Carlsquare acted as exclusive financial advisor to the private equity firm Afinum Management (“Afinum”) on the sale of Kappa optronics GmbH (“KAPPA”), a leading defence optronics and vision systems provider to Theon International Plc (“THEON”), a Greece-based vision and imaging systems provider for an Enterprise Value of €75 million.
Founded in 1978 and headquartered in Göttingen, Germany, KAPPA is a specialist in mission-critical defence aviation and land optronics systems with industry leading solutions in air-to-air refuelling and land-based driver-vision-enhancement. KAPPA has an R&D-driven, asset-light model focused on design, assembly, quality assurance, and follow-on services. With a team of 60 highly skilled engineers and a strong technological edge in platform products, the company is well-positioned to contribute to THEON’s innovation pipeline. Together with its subsidiaries in the United States and Spain, KAPPA employs approximately 200 people.
THEON GROUP develops and manufactures cutting-edge night vision and thermal imaging systems for defence and security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 220,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.
Afinum Management, an independent investment company managed by its owners, with offices in Munich, Frankfurt and Zurich, specializes in investments in successful medium-sized companies in the German-speaking regions of Europe.
KAPPA is being acquired by THEON for an Enterprise Value of €75 million. The transaction will be financed through a mix of debt and IPO proceeds.
The acquisition is expected to fuel KAPPA’s continued growth and stable margins. The management team will remain in place. With the transaction, THEON expects meaningful top-line synergies, accelerated product co-development, and valuable knowledge exchange across the group.
“Joining the THEON Group marks an exciting new chapter for KAPPA. This partnership strengthens our growth trajectory, expands our reach in key defence and aerospace markets, and enhances our R&D capabilities through close collaboration with THEON’s engineering teams. We see strong cultural alignment and look forward to unlocking new opportunities together.” – Sebastian Vreemann, CEO, Kappa optronics GmbH
“We are delighted to welcome Kappa optronics to the THEON Group. This investment combines all our targeted strategic priorities: 1) Strengthening our footprint in Germany – following our recent investments in Harder Digital and Andres Industries and building on our existing THEON Germany Wetzlar plant under a JV with Hensoldt. Additionally, geographically, it provides us—after the establishment of THEON Belgium—an initial entry point into Spain, another EU/NATO country where we intend to leverage this presence for the eventual production of THEON’s main products. 2) Instantly expanding our electro-optics product offering, particularly for land and aerial platforms—key focus areas for THEON. 3) Achieving immediate accretiveness, with strong potential to scale sales rapidly through THEON’s Business Development capabilities—well within 2026 and 4) last but not least, significantly enhancing and deepening our R&D capabilities, complementing our Athens-based team of c.80 engineers KAPPA brings not only cutting-edge technology but also a culture of innovation that aligns with our vision. We expect meaningful top-line synergies, accelerated product co-development, and valuable knowledge exchange across the Group. This is just one of several strategic moves we are planning. We remain committed to our plans to accelerate our expansion in platform-based systems, both organically and through well-investigated acquisitions that fit precisely within our DNA profile.” – Christian Hadjiminas, Founder and CEO, THEON GROUP
“The Carlsquare team continually showcased their experience in the defence and optronics spaces throughout the process. With a keen focus on deal execution their team was able to deliver the project from start to finish in 4 months with great results for Afinum.” – Burkhard v. Wangenheim, Managing Partner, Afinum Management
Carlsquare acted as the exclusive financial advisor to Afinum and Kappa optronics.
