Affiliates of funds advised by SK Capital Partners, LP (“SK Capital”), a private investment firm focused on the specialty materials, ingredients, and life sc...

Photonics industry mergers and acquisitions this week (15th october 2025). A round up of investment and take-overs from sectors as diverse as military sensing, components, and machine vision. Theon International, a Greece-based developer and manufacturer of customizable night vision, thermal imaging systems and electro-optical ISR (observation) systems for military and security applications, has entered into a definitive agreement, to purchase a 9.8% stake in Exosens SA (Paris, France) for €268.7 million (~USD 312 million, corresponding to €54.0 per share). Theon is undertaking the acquisition in partnership with HLD Europe SCA, Invest Prince Henri SCA and Invest Gamma Sarl, which are investment companies belonging to Groupe HLD. Exosens is a French company specializing in electro-optical technologies, including light amplification, detection and imaging systems. Following the completion of the transaction, Theon will become the second largest shareholder in Exosens, after Groupe HLD. The closing of the transaction is expected to take place in early Q1 2026. Christian Hadjiminas, Founder and CEO of Theon, commented, "Theon and Exosens have been close commercial partners for years, having been awarded landmark contracts in Europe and Middle East. Theon remains committed to maintaining its long-standing commercial relationship with Exosens, which remains governed by existing contractual arrangements." In connection with the transaction, UBS Europe SE and Citibank Europe PLC have agreed to provide a bridge facility, which is intended to be refinanced with a combination of debt and newly-issued equity within existing shareholders' authorizations, to maintain a solid and flexible capital structure. Excelitas, a developer of photonics-related technologies targeting the life sciences, industrial, semiconductor and avionics sectors, is to acquire Luxium Solutions, which manufactures materials, substrates, components, and is based in Hiram, Ohio. Closing of the deal is expected in late 2025 or early 2026, subject to certain customary approvals. This acquisition would represent the seventh completed transaction by Excelitas since 2017, building on the momentum of the Noblelight acquisition in January 2024. With a balanced approach of organic growth and strategic M&A, Excelitas has consistently integrated new businesses to foster innovation and deliver added value. Excelitas stated that this "strategic move marks a bold step forward for the company, unlocking new possibilities and expanding technological horizons". Ron Keating, CEO, said, "Luxium aligns with our strategy to increase our presence in high-growth end markets, while enhancing our capabilities in advanced optical technologies. Luxium will join Excelitas' Advanced Industrial segment, enhancing our technical application strength and market positions." "Luxium has undergone an accelerated systematic transformation with the continued support of SK Capital and Edgewater Capital," said Michael Cahill, CEO of Luxium Solutions. "During this period, we acquired PLX and Inrad Optics, expanded our footprint in India, and streamlined our operations. In parallel, we have invested in manufacturing improvements with the mission of better servicing our customers." Basler, a provider of components for computer vision solutions, has acquired a 76% stake in its Indian distribution partner Alpha TechSys Automation, with whom the company has been working successfully for many years. Alpha TechSys, with its approximately 20 employees, will operate under the name Basler India in the future. The remaining 24% will remain with the current owner and founder, who will also be the future managing director, with the option of a future takeover by Basler. Hardy Mehl, CCO/COO at Basler AG, and Harshal Pore, founder and MD of Alpha TechSys, said, "We are pleased to further expand our partnership with this investment. India is a growing and promising computer vision market, in which Basler is positioning itself in a customer-centric manner. Through this investment, we are creating the best conditions for gaining new market opportunities and growth."