Theon International ( THEON) has agreed to acquire 80% of the shares in Merio SAS (MERIO), having entered into an exclusivity agreement with the company’s sole shareholder, RPL Développement. The completion of the transaction, which will be financed through a combination of debt and internal cash reserves, is subject to the customary closing conditions and regulatory approvals.
Proposed transaction structure
THEON will acquire 80% of MERIO at an EBIT multiple that will contribute to its value growth. For the 2026 fiscal year, MERIO is expected to generate revenue of over €15 million and projected EBIT of over €3.5 million, while the management team and key executives will remain with the company.
Company Profile
MERIO is a French company that designs and manufactures compact, high-performance gyro-stabilized suspension systems and gimbals for aerial, ground-based, infrastructure protection, and emerging maritime applications (ranging from loitering munitions and UAVs to C-UAS and UGV systems), with integrated video processing capabilities based on artificial intelligence.
The company was founded in 2014 and is headquartered in Saint-Paul-Trois-Châteaux. It has a rapidly growing team of approximately 40 specialized engineers and a strong technological edge in the fields of hardware, electronics, mechanical engineering, and software integration.
With technologies not subject to ITAR regulations, a supply chain consisting primarily of French and European companies, as well as comprehensive after-sales support capabilities, MERIO provides reliable solutions that can be rapidly deployed and complement and enhance THEON’s broader product portfolio.
Reasons for the investment
Portfolio diversification: strengthening THEON’s platform-based product line and rapid entry into the drone market
Geographic expansion: establishing a strategic presence with a focus on exports to France and strengthening the European industrial base
Attractive fundamentals: investment in a highly profitable company with strong growth potential and scalable operations
Revenue synergies: leveraging THEON’s existing customer network to expand market access
Cost synergies: Strengthening purchasing power through joint procurement and in-house sourcing of components
R&D synergies: Combining the efforts of MERIO, THEON, Kappa, and ShockEOS to accelerate new product development
Christian Hatziminas, founder and CEO of THEON, commented: “We are pleased to announce THEON’s next step in platform expansion, with the participation of a company that shares our DNA: an asset-light business model, full customization capabilities, high profit margins, and a strong entrepreneurial spirit.
This transaction will accelerate the diversification of our revenue as we move toward our goal of €1 billion in revenue by 2029. At the same time, it signals our interest in and commitment to France, one of the largest defense markets in Europe, with our goal being to establish THEON as a key player in French exports. Furthermore, it strengthens our technological capability to expand our presence in various related sectors within electronic optical platforms.
MERIO will be managed by the exact same management team and the same founder and co-owner as all of our other investments. THEON’s contribution will focus on increasing MERIO’s exports, as has already been achieved with Kappa and Harder Digital, as well as on coordinating research and development (R&D) efforts between the two companies.”
Dimitrios Mandridis, CTO of THEON, stated: “The integration of MERIO into the THEON group of companies will significantly strengthen our ability to meet the demands in the electro-optics sector for lightweight aerial platforms. MERIO’s stabilized gimbals effectively expand THEON’s portfolio, which has traditionally focused on larger or ground-based electro-optical systems. In addition, the group can support MERIO with components that offer cost-efficiency and secure supply chains.”
Remi Plene, Chairman and Chief Technology Officer of MERIO, stated: “We are excited to become part of THEON and to participate in its growth trajectory. We anticipate significant growth in our exports, supported by the company’s exceptional growth potential and global industrial presence. By merging our two R&D departments, we expect to accelerate the development of new products. We also look forward to taking over the in-house sourcing of critical components, strengthening our supply chain and our technological advantage.”