In an exclusive agreement with Carlyle Europe Technology Partners, Theon International (THEON) has moved to acquire Steropes SAS—the parent company of HGH Infrared Systems—in a deal valued at approximately €300 million. The acquisition strengthens THEON’s position in the defense industry, particularly in electro-optical systems for military platforms.
Strategic Expansion in Defense Tech
The transaction aligns with THEON’s broader strategy to expand its footprint in defense-related electro-optical technologies. It broadens THEON’s product portfolio with solutions targeting counter-unmanned aerial systems (C-UAS), as well as target detection and identification applications.
AI-Driven Capabilities Without Export Restrictions
HGH’s technologies rely on proprietary software and artificial intelligence (AI) applications not subject to U.S. ITAR export controls—a key advantage in international defense markets. The company reports annual revenues of around €40 million and has achieved an average annual growth rate close to 30% since 2023. Its EBITDA margin exceeds 40%, and its backlog stands at approximately €70 million.
Building on a Series of Defense Investments
This acquisition follows a string of strategic moves by THEON in the electro-optical defense sector—including the purchase of Kappa Optronics, investment in ShockEOS, selection of Rheinmetall’s PHYLAX system, and a collaboration with Safran to develop electro-optical systems for unmanned aerial platforms.
THEON expects the integration of HGH to boost both revenue and profitability from electro-optical systems, while also reinforcing its industrial presence in France—a country it considers strategically vital for both export activities and AI-focused R&D development.
A European Hub for Defense EO Technologies
Christian Chatziminias, founder and CEO of THEON, described the deal as the next step in strengthening the company’s French presence and advancing its electro-optical capabilities. He emphasized the goal of establishing a European hub for defense electro-optical technologies.
Vincent Leboucher, Chairman and CEO of HGH, noted that partnering with THEON is expected to expand HGH’s global commercial reach and unlock new synergies in research and development.