Incap Corporation, a globally operating Electronics Manufacturing Services (EMS) company with headquarters in Finland, has signed on 3 December 2025 an agreement to acquire 100% ownership of Lacon Group, Germany. Lacon Group is a well-established EMS company with advanced ODM capabilities and modern facilities in Germany and Romania. The acquisition complements Incap’s current manufacturing footprint, which includes facilities in Estonia, India, Slovakia, the UK and USA.
The acquisition accelerates Incap’s growth strategy by strengthening its position in defense, railway technology, and medical technology sectors, where Lacon Group has reputable customers. With the acquisition, Incap will also establish a solid foundation for further expansion in Germany, Europe’s largest EMS market. The acquisition marks an important strategic step for Incap, as it expands the company’s offering into design and development services, creating new opportunities to deliver greater value across the product lifecycle.
Overview of Lacon Group
Founded in 1985, Lacon Group operates from modern and cost-efficient manufacturing facilities in Karlsfeld, Glinde and Boxberg in Germany, as well as in Galați, Romania, with a combined footprint of approximately 21,300 square metres. Lacon Group is an Electronics Manufacturing Services (EMS) and Original Design Manufacturer (ODM) company, offering printed circuit board assembly, cable harnessing, box build, system integration, as well as design, engineering, and testing services.
Lacon Group has built long-standing relationships with well-established customers and serves a diversified customer base across industries such as defense, aerospace, mechanical engineering and automation, as well as railway technology, medical technology, and electrification technologies.
Lacon Group has demonstrated stable and solid profitability and is well-positioned in the high-growth-potential defense sector, whose customers continued to grow during the first ten months of 2025. Lacon Group’s unaudited revenue for January – October 2025 was EUR 57.2 million, and adjusted EBITDA was EUR 5.3 million, or 9.2 per cent of revenue.
Key terms of the acquisition and financial impacts
The purchase price (i.e. equity value) for 100 per cent of the shares is EUR 50.0 million, payable to the sellers in cash at closing. The transaction will be financed with Incap’s own funds and a bank loan of approximately EUR 30.0 million.
The acquisition agreement includes a possible earn-out payment to be paid to the sellers in 2027, amounting to EUR 5.0 million, at the maximum. The earn-out is based on Lacon Group’s financial performance in 2026.
The closing of the agreement is expected to occur in the first quarter of 2026, subject to the applicable foreign direct investment control clearances in Germany and Romania. The transaction is estimated to have a positive impact on Incap’s revenue in 2026 and a slightly positive impact on operating profit (EBIT) due to integration and transaction costs as well as the purchase price allocation amortisation.
“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. Lacon’s experienced team, modern facilities, and a balanced customer portfolio make it an excellent fit for us. I look forward to welcoming the Lacon team onboard and to the new opportunities this acquisition will bring for both our companies and customers,” said Otto Pukk, President and CEO of Incap.
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.
“Joining Incap is a significant step forward for Lacon Group,” said Ralf Hasler, CEO of Lacon Group. “Our team has developed specialized expertise and strong customer relationships in Germany and Romania, particularly within the defense sector. As part of Incap’s global organization, we will be able to build on our foundation and pursue new growth opportunities, while continuing to deliver the quality and reliability our customers expect. Our customers will be able to benefit from Incap’s global manufacturing capacity, and our employees and partners will have new opportunities as we move into this new phase together.”
Lacon Group employs over 600 people, of which more than half are based in Romania. After the acquisition, Incap will provide electronics manufacturing and original design manufacturing services with a total of over 3,000 employees and a footprint of approximately 80,000 square meters in Europe, Asia and North America.
INCAP CORPORATION
Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK, USA, and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.
