THEON International is taking another significant step toward its goal of creating a leading European defense optoelectronics group by announcing an exclusivity agreement with Carlyle for the acquisition of SAS Stéropès, the parent company of the French firm HGH Systèmes Infrarouges.
The transaction is valued at approximately 300 million euros and is expected to significantly strengthen the Greek-owned group’s operations in the fields of surveillance, artificial intelligence, and unmanned aerial vehicle countermeasures.
According to the relevant announcement, HGH was founded in 1982 in France and specializes in the design, development, assembly, and commercial distribution of electro-optical and infrared systems for defense and civilian applications. It employs more than 130 people, with a strong focus on research and development.
According to THEON, the potential acquisition will significantly expand its product portfolio in the field of multi-domain ISR systems and counter-UAS (C-UAS) solutions. HGH possesses advanced target detection and classification capabilities, based on proprietary technology that is free from U.S. export restrictions (ITAR-free), as well as patented artificial intelligence applications.
This move is part of THEON’s strategy to rapidly establish itself as a leading force in platform optoelectronic systems. It follows the acquisition of Kappa Optronics, the investment in ShockEOS, Rheinmetall’s selection of the PHYLAX system, and the joint venture with Safran in the field of electro-optical systems for unmanned aerial vehicles.
The agreement also strengthens THEON’s strategic presence in France, which is expected to become a major export hub and a center for artificial intelligence research and development for the group.
HGH has a strong financial track record, with annual revenue of approximately 40 million euros, an average annual growth rate of around 30% starting in 2023, and an EBITDA margin exceeding 40%. At the same time, it has a backlog of orders worth approximately 70 million euros.
The acquisition will be financed through bridge financing from BNP Paribas, which will subsequently be fully replaced by debt financing, with no share capital increase planned.
THEON’s founder and CEO, Christian Hatziminas (photo), stated that the agreement represents the next step in strengthening the group’s export presence in France and accelerating its expansion into Multi-Domain ISR systems.
As he noted, the company’s goal is to create a new European leader in defense optoelectronics, by integrating portable and platform-based systems into a unified ecosystem that enhances customers’ tactical situational awareness and decision-making capabilities.
For his part, HGH’s Chairman and CEO, Vincent Leboucher, expressed his satisfaction with the start of exclusive negotiations with THEON, emphasizing that the agreement will allow the French company to make its specialized products and technological capabilities available to a broader customer base worldwide.
As he noted, HGH’s management fully shares THEON’s strategic vision and business plan and believes that the Greek-owned group has the necessary resources to significantly strengthen the company’s commercial presence and create synergies in the areas of research anddevelopment. “Like THEON, HGH is a company focused on innovation and serving its customers. We look forward to seeing what we can create together,” he said.
Rothschild & Co is serving as THEON’s financial advisor for the transaction, while PwC is conducting the financial, tax, and legal due diligence. Bredin Prat is acting as the company’s legal counsel.
The signing of the definitive acquisition agreement will follow the completion of the required consultation process with the French company’s employee representative body (CSE). The transaction is subject to customary conditions, including the required regulatory approvals, and is expected to be completed by the fourth quarter of 2026.