Electronic Manufacturing Services Finnish Incap Takes Over the Lacon Group

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The Finnish contract manufacturer Incap is buying the German Lacon Group for around 55 million USD. On the one hand, the Finns want to enter the German market and expand their own expertise with design and development services. On the other hand, they want to gain a foothold in the defense sector.

Incap Corporation, a global Electronic Manufacturing Services (EMS) company headquartered in Finland, signed an agreement on December 3, 2025 to acquire 100% of the shares in Lacon Group, Germany.

The Lacon Group is an established EMS company with sites in Germany and Romania. The acquisition complements Incap's existing production sites, which include plants in Estonia, India, Slovakia, the UK and the USA.

With the takeover, the Finns want to strengthen their position in the railroad and medical technology sectors as well as in defense and create the basis for further expansion in Germany, the largest EMS market in Europe. The takeover also expands Incap's offering to include design and development services.

Takeover Expected in the First Quarter of 2026

The agreement is expected to close in the first quarter of 2026, subject to the necessary foreign trade approvals in Germany and Romania. The transaction is expected to have a positive impact on Incap's revenue in 2026 and a slightly positive impact on the operating result (EBIT) due to integration and transaction costs as well as the amortization of the purchase price allocation.

The purchase price (i.e. the equity value) for 100% of the shares is $55 million and will be paid to the sellers in cash at closing. The transaction will be financed by Incap's own funds and a bank loan of approximately $33 million.

The takeover agreement provides for a possible earn-out payment to the sellers in 2027 of a maximum of $5.5 million. The earn-out payment is based on the financial performance of the Lacon Group in 2026.

The sellers include the German private equity company Hannover Finanz, the CEO of the Lacon Group Dr. Ralf Hasler and the CFO Christian von der Linde as well as other minority shareholders. The CEO and CFO of the Lacon Group will support Incap and continue to work in the company together with the rest of the Lacon management team.

"Our team has developed specialized expertise and strong customer relationships in Germany and Romania, particularly in the defense sector. As part of Incap's global organization, we can build on our foundation and pursue new growth opportunities while continuing to deliver the quality and reliability our customers expect. Our customers will benefit from Incap's global manufacturing capability, and new opportunities will open up for our employees and partners as we move into this new phase together," says Dr. Ralf Hasler, CEO of the Lacon Group.

The Lacon Group employs over 600 people, more than half of whom work in Romania. Following the acquisition, Incap will offer electronics manufacturing and ODM services with a total of over 3,000 employees and an area of around 646,000 sq ft in Europe, Asia and North America.

Overview of the Lacon Group

Founded in 1985, the Lacon Group operates modern and cost-efficient production facilities in Karlsfeld, Glinde and Boxberg in Germany and in Galați, Romania, with a total area of around 229,000 sq ft. The Group is an Electronics Manufacturing Services (EMS) and Original Design Manufacturing (ODM) company and offers PCB assembly, cable assembly, device construction, system integration as well as design, engineering and testing services.

The Group has demonstrated stable and solid profitability and is very well positioned in the high-growth defense sector, whose customer base has continued to grow in the first ten months of 2025. Unaudited revenue for January to October 2025 amounted to $63 million, with adjusted EBITDA at EUR $5.8 million or 9.2% of revenue.

Incap in A Nutshell

Incap Corporation is a full-service provider of electronics manufacturing services. As a global EMS company, it supports customers ranging from large multinationals and medium-sized companies to small start-ups along the entire manufacturing value chain. The company operates in Finland, Estonia, India, Slovakia, the UK, the USA and Hong Kong and employs around 2,500 people. Incap's shares have been listed on the Nasdaq Helsinki Ltd. stock exchange since 1997.(kr)

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