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Bloomberg (THEON:NA) / Reuters (THEON.AS)
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4 May 2026 –
Theon International Plc (THEON) is pleased to announce that it has agreed on binding terms, having entered into an exclusivity agreement with the sole shareholder of Merio SAS (MERIO), RPL Développement, to acquire upfront an 80% stake of MERIO. The conclusion of the transaction is subject to consummation of long-form documentation and customary closing conditions, including regulatory approvals. The transaction will be financed through a combination of debt and internally generated cash.
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Foreseen Deal Structure
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THEON to acquire 80% of MERIO at an accretive EBIT multiple. MERIO is expected to generate above €15 million in revenues in FY 2026 and a projected EBIT of above €3.5 million. The management team and key employees will remain in the business.
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Company Profile
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MERIO is a French designer and manufacturer of compact, high‑performance gyrostabilized gimbal and turret systems for aerial, ground, infrastructure protection and emerging maritime applications (from loitering munitions and UAVs to C‑UAS systems and UGVs), with embedded AI‑driven video‑processing capabilities. Founded in 2014 and headquartered in Saint‑Paul‑Trois‑Châteaux, the company has a fast‑growing team of around 40 highly skilled engineers and a strong technological edge across hardware, electronics, mechanics, and software integration.
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With ITAR‑free technologies, a predominantly French and European supply chain, and comprehensive after-sales support capabilities, MERIO provides reliable, rapidly deployable solutions that complement and enhance THEON’s broader product offering.
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Investment Rationale
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- Portfolio diversification: strengthening THEON’s Platform-based products suite and entering the drones market rapidly
- Geographic expansion: establishing a strategic export-driven presence in France and reinforcing European industrial base
- Attractive fundamentals: investing in a highly profitable company with strong growth potential and scalable operations
- Revenue synergies: Leveraging THEON’s existing client network to expand market access
- Cost synergies: Strengthening purchasing power with common supplies and internal sourcing of components
- R&D synergies: Combining efforts between MERIO, THEON, Kappa and ShockEOS to accelerate development of new products
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Christian Hadjiminas, Founder and CEO of THEON, commented: “We are pleased to announce THEON’s next expansion step into the platform‑based segment, involving a company that shares our DNA: an asset‑light business model, full‑customization capabilities, high profitability margins, and a strong entrepreneurial spirit. This transaction would accelerate the diversification of our revenues as we progress toward our €1 billion revenue target by 2029. At the same time, it marks our interest and commitment to France, one of the largest defense markets in Europe, with our aim being to establish THEON as a key French export player. In parallel, it drives our technological ability to increase our footprint in various related sectors in el-opt platforms. MERIO will be run by exactly the same management team and the same founder and co-owner as all our other investments. Theon’s contribution will be focusing on increasing MERIO’s exports similarly to what is being already achieved at Kappa and Harder Digital and coordinating R&D efforts between the two companies.”
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