Bird & Bird advises Theon on the acquisition of Kappa Optronics

KAPPA was founded in 1978 and has around 200 employees across Germany, the US and Spain. It is specialised in aviation and land optronics and operates an R&D-driven, asset-light model focused on design, assembly, and quality assurance, also housing management and administrative functions - closely aligned with THEON’s. In the 2025 financial year, the company expects revenues to exceed €37 million and EBITDA to reach about €8 million.

THEON develops and manufactures cutting-edge night vision and thermal imaging systems for defence and security applications with a global footprint. Starting its operations in 1997 from Greece, it 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 US, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea.

The acquisition is set to enhance THEON’s innovation pipeline, drive top-line growth, and align EBIT margins with THEON’s targets. KAPPA’s management team will remain in place, motivated by a performance-based scheme.

Theon International Plc has been advised by the following Bird & Bird lawyers: partner Stefan Münch, Senior Counsel Michael Gaßner (both lead) partner Stephan Kübler, LL.M., Counsel Andrea Schlote and associate Yannick Stahl, LL.M. (all Munich), partner Lourdes Ayala and associate Adrian Bert (both Madrid) (all Corporate/M&A), partner Martin Conrads (Hamburg, Public Procurement), partner Dr. Stephan Waldheim (Düsseldorf), Counsel Dr. Florian Hinderer, associate Tamy Tietze (Düsseldorf) (all Merger Control/FDI) and partner Dr. Henriette Picot, Counsel Gökhan Kosak and associates Thomas Magosch and Clara Schmitz, LL.M. (all Munich), (all Commercial), partner Dr. Rolf Schmich and associate Thomas Schmidt (both Tax, Frankfurt), partner Dr. Christopher Maierhöfer, Counsel Roksana Hosseini, LL.M. and associate Jonathan Hechler, partner Dr. Markus Körner and Counsel Soeren Alborn (all IP, Munich), partner Johannes Wirtz, LL.M., partner Dr. Michael Jünemann, and associates Felix Poppenberg and Jonathan Stoldt (all Finance & Financial Regulation, Frankfurt), partner Dr. Ralph Panzer, Senior Counsel Sandy Gerlach, Counsel Dr. Maximilian Koch, associate Christoph Lutz (all Munich), Counsel Dr. Florian Keßenich and associate Vincent Kirsch (both Hamburg), associates Leonie Bleilevens and Alisa Nentwig (both Düsseldorf), associates Sara Mora and Beatriz Amat (both Madrid) (all Employment), Senior Counsel Elie Kaufman, LL.M. (Frankfurt), Counsel Jürgen Schlinkmann, associate Merwan Klink (both Munich) and associate Alba Aparicio (Madrid) (all Real Estate).