Theon International Set to Acquire 80% of French Gimbal Specialist Merio
Theon International has signed a binding agreement for the acquisition of 80% of Merio SAS, a French manufacturer of gimbals and stabilization systems for aerial and terrestrial applications. The transaction, funded through debt and internal cash, is subject to the completion of long-term documentation and regulatory approvals.
A Strategic Acquisition in Lightweight Electro-Optics
Theon International has agreed on binding terms with RPL Développement, the sole shareholder of Merio SAS, to acquire 80% of the company's capital. The operation is part of a strategy to expand the group into the segment of lightweight and aerial electro-optical platforms. Merio is a French designer and manufacturer of compact gyro-stabilized gimbals and high-performance turret systems. These solutions cater to aerial, terrestrial, infrastructure protection, and emerging maritime applications, covering a spectrum from loitering munitions and tactical drones to anti-UAS defense systems and unmanned vehicles. Founded in 2014 and based in Saint-Paul-Trois-Châteaux, the company employs about 40 highly specialized engineers. It boasts ITAR-free technologies, a predominantly French and European supply chain, and comprehensive after-sales capabilities. This acquisition aligns with Theon's progression towards a revenue goal of one billion euros by 2029.
Expected Profitability and Financial Flows
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Merio is expected to generate revenues exceeding 15 million euros in 2026 with a projected EBIT above 3.5 million euros. The acquisition is being made at an EBIT accretive multiple. The financing will combine debt and internally generated cash. The management team and key staff will remain with the company, which will be managed by its founders and co-owners according to the model applied to other group investments. Theon will focus its efforts on accelerating exports and coordinating research and development work between the two companies.
Timeline and Related Announcements
Theon will publish its commercial update for the first quarter of 2026 on May 5, 2026, after market close.
Strong H1 performance and positive momentum continuing into H2 2026 with further acceleration expected in Q4.
Risks mentioned
Integration of newly acquired businesses represents execution risk
Market expansion into high-growth adjacencies requires successful product development and market acceptance
Working capital absorption at 40% of LTM revenues indicates continued working capital pressure
Opportunities identified
Expansion into high-growth adjacencies increasing addressable market to nearly €8 billion
Integration of newly acquired businesses to drive future growth
Strong seasonal second half weighting supporting continued momentum into Q4 2026
Outlook / guidance
Expected revenue: 600 millions d'euros
Management commentary: THEON's Management team will also provide an update on FY 2026 and medium-term guidance during the webcast tomorrow. FY 2026 Guidance: Revenue c.€600 m; Adjusted EBIT Margin >26%; Capex €30 m; Medium-Term: Organic Growth >15%p.a.; Capex c. 4% of Revenue.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
