Inside information: Incap acquires Lacon Group, strengthening its position in the fast-growing defense sector and expanding offering to design and development services

Incap Corporation has signed on 3 December 2025 an agreement to acquire 100% ownership of Lacon Group, a well-established EMS company with advanced ODM capabilities and modern facilities in Germany and Romania.
 
The acquisition accelerates Incap’s growth strategy by strengthening its position in defense, railway technology, and medical technology sectors, where Lacon Group has reputable customers. With the acquisition, Incap will also establish a solid foundation for further expansion in Germany, Europe’s largest EMS market. The acquisition marks an important strategic step for Incap, as it expands the company’s offering into design and development services, creating new opportunities to deliver greater value across the product lifecycle.
 
The purchase price of the acquired company is EUR 50.0 million at the minimum. The agreement also includes a potential additional earn-out of a maximum of EUR 5.0 million. Lacon Group’s unaudited pro forma (IFRS) revenue for January – October 2025 was EUR 57.2 million, and adjusted EBITDA was EUR 6.7 million, or 11.8 per cent of revenue.
 
Overview of Lacon Group
 
Founded in 1985, Lacon Group operates from modern and cost-efficient manufacturing facilities in Karlsfeld, Glinde and Boxberg in Germany, as well as in Galați, Romania, with a combined footprint of approximately 21,300 square metres. Lacon Group is an Electronics Manufacturing Services (EMS) and Original Design Manufacturer (ODM) company, offering printed circuit board assembly, cable harnessing, box build, system integration, as well as design, engineering, and testing services. Their strong ODM capability relies on advanced design and development solutions, and engineering skills. Lacon Group has built long-standing relationships with well-established customers and serves a diversified customer base across industries such as defense, aerospace, mechanical engineering and automation, as well as railway technology, medical technology, and electrification technologies. Lacon Group has 603 employees, of which more than half are based in Romania.
 
Lacon Group has demonstrated stable and solid profitability and is well-positioned in the high-growth-potential defense sector, whose customers continued to grow during the first ten months of 2025. Lacon Group’s unaudited German GAAP revenue for January – October 2025 was EUR 57.2 million, and adjusted EBITDA was EUR 5.3 million, or 9.2 per cent of revenue.
 
Lacon Group’s key figures, German GAAP (audited)

Pro forma IFRS net result for the financial year 2024 was EUR 4.3 million and in 2023 it was EUR 4.8 million.

 
Strategic rationale
 
The acquisition of Lacon Group marks a strategic milestone for Incap, supporting Incap’s growth strategy and offering throughout the electronics manufacturing value chain by:

• opening new opportunities in high-potential defense sector, as well as railway technology and medical technology sectors, where Lacon Group has a well-established presence
• complementing Incap’s global footprint and creating a solid foundation for future expansion in Germany, Europe’s largest EMS market
• strengthening Incap’s capabilities and expanding offering beyond manufacturing into high value-added design, development and engineering services
• bringing value to customers of both companies with broader service offering and global reach
• providing synergy opportunities in cross-selling, capacity utilisation and procurement

Additionally, Lacon Group’s acquisition will further diversify Incap’s customer base and balance the customer portfolio, while reducing risk related to customer dependency.
 
Key terms of the acquisition and financial impacts
 
The purchase price (i.e. equity value) for 100 per cent of the shares is EUR 50.0 million, payable to the sellers in cash at closing. Lacon Group’s interest-bearing net debt, as reported in the 2024 financial statements prepared in accordance with German GAAP, including the effect of factoring arrangements, amounted to EUR 7.1 million.
 
The transaction will be financed with Incap’s own funds and a bank loan of approximately EUR 30.0 million.
 
The acquisition agreement includes a possible earn-out payment to be paid to the sellers in 2027, amounting to EUR 5.0 million, at the maximum. The earn-out is based on Lacon Group’s financial performance in 2026 and the maximum amount would be reached with an EBITDA of EUR 10.5 million (German GAAP).
 
The closing of the agreement is expected to occur in the first quarter of 2026, subject to the applicable foreign direct investment control clearances in Germany and Romania. Lacon Group’s figures will be included in Incap Group’s reporting as of the closing. The transaction is estimated to have a positive impact on Incap’s revenue in 2026 and a slightly positive impact on operating profit (EBIT) due to integration and transaction costs as well as the purchase price allocation amortisation.
 
“We are excited to announce the acquisition of Lacon Group, a company with strong foothold in high-potential sectors with advanced capabilities in design and engineering. The acquisition opens significant growth opportunities for Incap and creates a solid foundation for further expansion in DACH area. With this strategic step we are also broadening our offering to include design and development services, expanding our global engineering capacity and enabling us to deliver even more advanced, customer-focused solutions. Lacon’s experienced team, modern facilities, and a balanced customer portfolio make it an excellent fit for us. I look forward to welcoming the Lacon team onboard and to the new opportunities this acquisition will bring for both our companies and customers,” said Otto Pukk, President and CEO of Incap.
 
The selling party includes German-based private equity firm Hannover Finanz, Lacon Group’s CEO Ralf Hasler and CFO Christian von der Linde, as well as other minority shareholders. The CEO and CFO of Lacon Group will support Incap and will continue to work in the company together with the rest of Lacon’s management team members.
 
“Joining Incap is a significant step forward for Lacon Group,” said Ralf Hasler, CEO of Lacon Group. “Our team has developed specialized expertise and strong customer relationships in Germany and Romania, particularly within the defense sector. As part of Incap’s global organization, we will be able to build on our foundation and pursue new growth opportunities, while continuing to deliver the quality and reliability our customers expect. Our customers will be able to benefit from Incap’s global manufacturing capacity, and our employees and partners will have new opportunities as we move into this new phase together.”
 
Webcast invitation
 
Incap will host an online presentation of the transaction today, 4 December, at 10:30 EET. Access the webcast here: https://events.teams.microsoft.com/event/118e2e6a-5ae8-4b92-96c7-7f0a75bae545@abb82829-72d6-49fe-9638-f934f5da4760
 
INCAP CORPORATION
 
Additional information:
Otto Pukk, President and CEO, tel. +372 508 0798

Distribution: 
Nasdaq Helsinki Ltd. 
Principal media
http://www.incapcorp.com/ 
 
Incap in brief
Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK, USA, and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.