Note expands in the UK with acquisition of Kasdon Group
Swedish EMS provider Note has signed an agreement to acquire 100% of the shares in Kasdon Group, a UK-based electronics contract manufacturer with a strong presence in the defence sector, which accounts for approximately 50% of its revenue.
Kasdon offers turnkey solutions and operates from its facility in Willenhall, near Birmingham, with advanced equipment and ongoing expansion. The acquisition strengthens Note's position in the UK EMS market and adds strategic depth in a high-demand segment.
Kasdon reported revenues of just over GBP 12 million in 2024/2025 and has ambitious growth plans. The company has approximately 50 employees and is led by Steven Stockley and his son Ryan, who will remain post-acquisition.
The initial purchase price is GBP 28.2 million, with a potential earnout of up to GBP 5.9 million, bringing the total to GBP 34.1 million. The transaction is subject to approval under the UK National Security and Investment Act and is expected to close in mid-October 2025.
“Kasdon is a strategic acquisition that strengthens our UK footprint and gives us access to the defense sector – an area where we see long-term growth. Kasdon has a strong technical platform, a well-developed business model, and a quality culture that aligns perfectly with our own. We see great opportunities for synergies and continued profitable expansion,” says Johannes Lind-Widestam, CEO and President of Note, in a press release.