In mid-September, Theon announced the acquisition of a majority stake (60%) in the Harder Digital Group – a specialist manufacturer of picture tubes (IIT) – with a cash injection of 34 million euros. In times of many geopolitical conflicts and emerging threats, the company says it wants to “better secure its supply chain”.
The company emphasizes that the expansion is not intended to compete with Theon’s existing suppliers of IITs. The partnership with other European and US IIT manufacturers will also be continued and expanded. Above all, Theon hopes that this acquisition will increase operational security by outsourcing a critical component of the value chain. Access to niche technologies and the development of new products through additional internal research and development capacities also play a role.
“We expect to continue our global expansion as we have already identified a number of other potential acquisition targets, including a number of companies in Germany.
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Christian Hadjiminas, Gründer und CEO von Theon
“We have worked with Harder Digital and its current management team for many years and are delighted to welcome them to the Theon family. This is the first step in implementing our inorganic growth strategy that we announced during the IPO process earlier this year. With this acquisition, we achieve partial vertical integration in our core night vision business and strengthen Theon’s presence in Germany and the Baltics, some of our key markets,” commented Christian Hadjiminas, founder and CEO of Theon, on the acquisition. The acquisition is made possible by a cash injection of 34 million euros. The majority of the funds will be used to modernize Harder Digital’s production facilities and increase the capacity of the IIT production lines. In addition, a financial restructuring of the company will also be carried out. Harder Digital was founded in 1999, is headquartered in Germany and currently exports to more than 30 countries worldwide. https://militaeraktuell.at/us-air-force-neu-alles-gegen-china/ The company is currently operating well below its full capacity. Harder Digital is aiming for a turnover of 17 million euros in 2024, with this figure set to triple by 2028. This is to be achieved by restoring capacity and realizing scaling effects. In the press release on the takeover, Theon nevertheless stated that Exosens, the main supplier of tubes for many years, will continue to be by far the company’s largest supplier in this area in the coming years. The transaction still has to be approved by the relevant regulatory authorities and is expected to be completed by the end of the year. If the CEO has his way, the acquisition of Harder Digital will by no means be the last: “We expect to continue our global expansion, as we have already identified a number of other potential acquisition targets, including a number of companies in Germany.”
