STOCKHOLM, SWEDEN – NOTE has signed an agreement to acquire UK-based electronics contract manufacturer Kasdon Group, strengthening its position in the British EMS market and securing a foothold in the high-growth defense sector, which represents about half of Kasdon’s revenue.

Kasdon, based in Willenhall near Birmingham, offers turnkey manufacturing solutions and operates from a modern, expanding facility equipped with advanced production capabilities. The company reported more than $15 million in revenue for the year and employs roughly 50 people. Managing Director Steven Stockley and his son Ryan will remain in leadership roles following the acquisition.

The purchase price is approximately $35.6 million on a cash- and debt-free basis, including a potential earnout, corresponding to an adjusted EV/EBITDA multiple of around 6. The deal will be funded through NOTE’s existing cash and credit lines.

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