EMS Industry Incap to acquire Germany-based Lacon Group 

Finnish electronics manufacturing services provider Incap Corporation has signed an agreement to acquire 100 percent of the shares in the Germany-based Lacon Group. The transaction strengthens Incap’s position in the fast-growing defence electronics market while expanding its design, engineering and development capabilities across Europe.

The acquisition agreement was signed on 3 December 2025. Lacon Group is an established EMS and ODM provider with production sites in Germany and Romania. Through the transaction, Incap adds manufacturing capacity in Karlsfeld, Glinde and Boxberg in Germany, as well as in Galați, Romania, complementing its existing footprint in Estonia, India, Slovakia, the United Kingdom and the United States.The acquisition supports Incap’s growth strategy in defence, rail technology and medical technology. Lacon serves customers across defence and aerospace, mechanical engineering and automation, rail systems, medical technology and electrification. Germany, as Europe’s largest EMS market, plays a central role in Incap’s long-term expansion strategy.In addition to manufacturing, the transaction significantly expands Incap’s portfolio to include design, development, engineering and testing services across the full product lifecycle.

Lacon Group operational profile and financials

Founded in 1985, Lacon Group operates approximately 21,300 square metres of production space across its sites in Germany and Romania. The company provides PCB assembly, cable harnessing, device manufacturing, system integration, as well as design, engineering and testing services.Lacon has built long-standing customer relationships across multiple high-reliability sectors. Its unaudited revenue for January to October 2025 amounted to €57.2 million. Adjusted EBITDA reached €5.3 million, corresponding to a margin of 9.2 percent. Defence has been the fastest-growing customer segment during this period.

Transaction structure and financial impact

The purchase price for 100 percent of the shares is set at €50.0 million, payable in cash at closing. The transaction will be financed through Incap’s own funds and a bank loan of approximately €30.0 million.The agreement includes a potential earn-out payment of up to €5.0 million in 2027, dependent on Lacon’s financial performance in 2026. Completion is expected in the first quarter of 2026, subject to regulatory approvals under foreign trade regulations in Germany and Romania.Incap expects the acquisition to have a positive impact on revenue in 2026 and a slightly positive effect on operating profit, taking into account integration costs, transaction expenses and purchase price allocation amortisation.

Management continuity and workforce scale

Lacon Group employs more than 600 staff, with over half based in Romania. Following the transaction, Incap’s global workforce will exceed 3,000 employees with total production space of approximately 60,000 square metres across Europe, Asia and North America.Lacon’s CEO Dr. Ralf Hasler and CFO Christian von der Linde will continue to support the company under Incap ownership, together with the existing management team. The sellers include Hannover Finanz, Dr. Hasler, Christian von der Linde and additional minority shareholders.

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