Incap to acquire Germany-based Lacon Group
Finish EMS provider Incap Corporation has agreed to acquire Lacon Group, a German EMS and ODM company, in a transaction valued at a minimum of EUR 50 million.
The deal will give Incap 100% ownership of the company and expand its presence in the growing defence sector while adding design and development capabilities to its service offering.
The acquisition also positions Incap for further expansion in Germany, the largest EMS market in Europe. Lacon Group operates manufacturing facilities in Karlsfeld, Glinde and Boxberg in Germany, and in Galați, Romania, with a combined footprint of 21,300 square metres. The company employs 603 people, more than half of whom are based in Romania.
Lacon Group generated unaudited pro forma IFRS revenue of EUR 57.2 million and adjusted EBITDA of EUR 6.7 million between January and October 2025.
Founded in 1985, Lacon provides PCBA, cable harnessing, box build, system integration and a range of engineering, testing and ODM services. Its customer base spans defence, aerospace, mechanical engineering, automation, railway technology, medical technology and electrification technologies.
The agreement includes a potential earn-out of up to EUR 5 million payable in 2027, tied to Lacon’s 2026 financial performance.
“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,” says Otto Pukk, President and CEO of Incap, in a press release.
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.
Closing is expected in the first quarter of 2026, pending foreign direct investment approvals in Germany and Romania. Incap expects the deal to increase its 2026 revenue and have a slightly positive effect on operating profit.
