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Incap Acquires Lacon Group, Expands into Defense and Design Services
December 5, 2025 | IncapEstimated reading time: 1 minute
Incap Corporation has signed on 3 December 2025 an agreement to acquire 100% ownership of Lacon Group, a well-established EMS company with advanced ODM capabilities and modern facilities in Germany and Romania.
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.
The purchase price of the acquired company is EUR 50.0 million at the minimum. The agreement also includes a potential additional earn-out of a maximum of EUR 5.0 million. Lacon Group’s unaudited pro forma (IFRS) revenue for January – October 2025 was EUR 57.2 million, and adjusted EBITDA was EUR 6.7 million, or 11.8 per cent of revenue.
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