NOTE Expands in the UK with Acquisition of Kasdon Group

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NOTE has signed an agreement to acquire 100% of the shares in Kasdon Group, a UK-based electronics contract manufacturer with a strong position in the defense sector, which accounts for around 50% of its revenue. The acquisition strengthens NOTE’s position in the UK EMS market and adds strategic depth in a high-demand segment.

Kasdon complements NOTE’s existing footprint and customer base, aligning well with its focus on quality, technical expertise and long-term customer partnerships. The company offers turnkey 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 has approximately 50 employees and is led by Steven Stockley and his son Ryan, who will remain post-acquisition.

The initial purchase price is GBP 28.2 million on a cash/debt-free basis, with a potential earnout of up to GBP 5.9 million bringing the total to 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 possibly paid in NOTE shares.

The transaction is subject to approval under the UK National Security and Investment Act and is expected to close in mid-October 2025.

Johannes Lind-Widestam, CEO and President of NOTE, comments: “Kasdon is a strategic acquisition that strengthens our UK footprint and gives us access to the defense sector – an area where we see long-term growth. Kasdon has a strong technical platform, a well-developed business model, and a quality culture that aligns perfectly with our own. We see great opportunities for synergies and continued profitable expansion.”

Steven Stockley, MD of Kasdon Group, adds: “For many years, we have built a company that combines technical expertise with strong customer relationships and high quality in every delivery. Joining NOTE gives us access to new resources, broader markets, and a network that supports our continued growth journey.”