Theon International Plc (THEON) announces that it has received all the necessary approvals and completed all preparatory steps for the acquisition of an 80% stake in MERIO, a process that is now under way.
As the announcement notes, co-operation between THEON and MERIO had already begun, reflecting THEON’s approach of moving quickly to realise the synergies arising from its acquisitions, particularly through the Group’s international Business Development network.
As part of THEON’s standard integration process, MERIO’s management team and key executives will remain with the company, while seeking to increase synergies between THEON and MERIO.
Particularly positive is the fact that preparatory integration work has already led to a new order worth approximately €5 million for MERIO solutions intended for unmanned aerial vehicle applications.
The order represents about one-third of MERIO’s forecast revenue for 2026, providing an early and tangible indication, from day one, of the potential synergies that can also arise from another acquisition. This approach is consistent with the one THEON took following its acquisition of KAPPA, when THEON’s extensive Business Development network helped secure new orders within five months of the acquisition’s completion that were almost equal to KAPPA’s revenue in the previous financial year.
These early results highlight THEON’s broader acquisition model, which combines specialist technologies and entrepreneurial businesses with the Group’s international customer access and commercial capabilities, with the aim of accelerating growth and creating added value.
THEON will now fully integrate MERIO’s Business Development, production and operational activities into the Group, building on the work already done and expanding co-operation across THEON’s growing European network.
Philippe Mennicken, THEON’s Deputy Chief Executive Officer and Chief Business Development Director, said: “THEON and MERIO teams are working closely and with an entrepreneurial spirit to identify synergies in Business Development and research and development (R&D), and this first order is an encouraging initial development.
THEON’s international Business Development teams will bring MERIO into business opportunities and customer discussions that were previously beyond its active commercial reach, and discussions are already under way in various markets. Together with Safran, our partner in the joint venture for gimbal systems, with whom we are preparing the venture’s final structure, we see significant potential to accelerate MERIO’s commercial growth and further expand its activities”.
Christian Hadjiminas, THEON’s Founder and Chief Executive Officer, said: “THEON’s mergers and acquisitions (M&A) strategy is not simply about adding technologies to the Group. It is about creating added value by combining entrepreneurial, technology-focused companies with THEON’s established international customer relationships, Business Development capabilities and industrial footprint.
This first order for MERIO, secured from day one with THEON’s support, is an early example of how this strategy translates into tangible commercial results. As we have repeatedly stated, THEON intends to play an active role in the further consolidation of the European defence industry.
With our industrial and technology operations based mainly in Greece, Germany and France, we are bringing our teams closer together so that we can pursue business opportunities as one Group. Subject to completion of the acquisition of HGH, we expect this platform to expand further, strengthening our ability to provide increasingly integrated electro-optical solutions to customers worldwide”.