NOTE strengthens its presence in the UK through the acquisition of Kasdon Group - with a strong position in the defence industry
NOTE has signed an agreement to acquire 100% of the shares in Kasdon Group, a UK electronics contract manufacturer with a strong position in the defence sector, representing some 50 % of the company's sales. This acquisition strengthens NOTE's position on the UK EMS market and adds strategic breadth in a segment with high demand. Kasdon complements NOTE's ...
Kasdon complements NOTE's existing presence and customer base, and fits well with the company's focus on quality, technical expertise and long-term customer relationships. The company offers end-to-end solutions and operates from a modern facility in Willenhall, near Birmingham, with advanced equipment and ongoing expansion.
Kasdon reported revenues of just over GBP 12 million in 2024/2025 and has ambitious growth plans. The company employs around 50 people and is led by Steven Stockley and his son Ryan, who will stay on after the acquisition.
The initial purchase price is GBP 28.2 million on a cash/debt free basis, with a possible earn-out of up to GBP 5.9 million, giving a total purchase price of GBP 34.1 million, corresponding to an adjusted EV/EBITDA multiple of approximately 6. The acquisition is financed through NOTE's existing cash and credit facilities, with a small portion potentially payable in NOTE shares.
The transaction is subject to approval under the UK National Security and Investment Act and is expected to close by mid-October 2025.
Johannes Lind-Widestam, President and CEO of NOTE, commented: ”Kasdon is a strategic acquisition that strengthens our presence in the UK and gives us access to the defence sector - an area where we see long-term growth. Kasdon has a strong technology platform, a well-developed business model and a quality culture that aligns well with our own. We see great opportunities for synergies and continued profitable expansion.”
Steven Stockley, CEO of Kasdon Group, adds: ”Over many years, we have built a business that combines technical expertise with strong customer relationships and high quality in every delivery. Becoming part of NOTE gives us access to new resources, wider markets and a network to support our continued growth journey.”