KAPPA, founded in 1978 and headquartered in Göttingen, Germany, operates a research and development-driven model that closely aligns with THEON’s operational approach. With around 200 employees across Germany, the United States, and Spain, KAPPA brings significant technological expertise and engineering talent to the Group.
The company is on track to exceed €37 million in revenue and €8 million in EBITDA for FY 2025, largely driven by defence mobility and autonomous platforms. THEON expects this acquisition to enhance top-line growth and sustain strong margins, with 2026 EBITDA projections not yet including the benefits of post-acquisition business development initiatives.
KAPPA’s infrastructure is already well-invested and requires minimal capital expenditure beyond current THEON guidance. Its existing management team will remain in place, incentivised by a performance-based scheme to drive ongoing growth.
The transaction is subject to customary regulatory approvals and was supported by PwC (financial and tax due diligence) and Bird & Bird (legal support). THEON plans to update its FY 2026 guidance in October, incorporating both organic and acquisition-driven growth, pending the outcomes of ongoing tender processes.
Christian Hadjiminas, Founder and CEO of THEON, stated: “We are delighted to welcome Kappa Optronics to the THEON Group. This investment combines all our targeted strategic priorities: strengthening our footprint in Germany, expanding into Spain, broadening our electro-optics offering, achieving immediate accretiveness, and significantly enhancing our R&D capabilities.”
He added: “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.”
Sebastian Vreemann, CEO of KAPPA, welcomed the move, saying: “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.”
He further noted: “We see strong cultural alignment and look forward to unlocking new opportunities together.”
