Target
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Buyer
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Description
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Target: Germany-based Kappa Optronics is a manufacturer of ruggedized vision systems and high-reliability imaging technologies for private sector and international government aerospace, defense, and industrial mobility markets. The company develops and manufactures application specific CCD and CMOS cameras, board level systems, glass-to-glass solutions and full vision subsystems tailored to harsh environments.
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Buyer: Cyprus-based Theon is a developer and manufacturer of night-vision, thermal imaging, and electro-optical ISR systems for military and security applications. The company produces devices such as monoculars, binoculars, clip-on sights, thermal imagers, and optical/electronics upgrade kits.
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Terms: Transaction announced on August 4, 2025. Purchase price is expected to be $87M, 2.0x and 9.4x FY2025E revenue and EBITDA, respectively.
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 A&D business
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Target: Murrieta, GA-based A&D business of Coherent is a provider of highly engineered materials and material systems for defense and aerospace applications. The business manufactures passive and active optical assemblies, gimbaled systems, laser beam directors, reflective and refractive telescopes, high temperature patterned ceramics, EMI shielding grids, flexible patterned films, and thin film coatings.
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Buyer: Boston, MA-based Advent International is a global private equity firm specializing in buyouts and growth investments across industrial, healthcare, technology, and consumer markets. The company partners with management teams to drive operational improvements, strategic growth, and long-term value creation.
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Terms: Transaction announced on August 13, 2025. Purchase price is expected to be $400M, 5.0x FY2026P revenue.
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 a portfolio company of
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Target: Boston, MA-based Trexon is a manufacturer of ruggedized cable assemblies, specialty connectors, and interconnect systems tailored for mission-critical applications. The company delivers durable solutions optimized for extreme environments, supporting sectors such as aerospace, defense, space, medical, and quantum/AI systems.
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Buyer: Wallingford, CT-based Amphenol is a global manufacturer of interconnect solutions including connectors, cable assemblies, and sensors for aerospace and defense applications. The company supplies ruggedized interconnect products, fiber-optic assemblies, and power distribution components for aircraft and defense systems.
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Terms: Transaction announced on August 18, 2025. Purchase price is expected to be $1.0B, 3.4x and 13.4x FY2025E revenue and EBITDA, respectively.
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Target: Israel-based Apeiro is a provider of advanced ground robotics, fiber optic communication systems, and mission-critical automation technologies for private sector and international government defense and homeland security markets. The company's products include rugged quadrupedal robots, unmanned ground vehicles (UGVs), and robotic arms.
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Buyer: Sunnyvale, CA-based Ondas Networks is a provider of wireless networking solutions specializing in private broadband and mission-critical industrial connectivity. The company delivers software-defined radio platforms that support secure, reliable communication for transportation, defense, and unmanned systems.
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Terms: Transaction announced on August 18, 2025. Purchase price is expected to be $12M, 1.0x FY2025E revenue.
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