Carlyle enters into exclusive discussions with THEON International for the sale of Carlyle’s stake in HGH Infrared

London, U.K. - 17 June 2026 - Global investment firm Carlyle (NASDAQ: CG) and THEON International Plc (THEON.AS) today announced that they have entered into exclusive discussions regarding the sale of Carlyle's shareholding in HGH Infrared Systems ("HGH"), a provider of electro-optical and infrared solutions for defense, security and industrial applications.

Founded in 1982 and headquartered in Igny, France, HGH develops electro-optical and infrared technologies combining proprietary sensing, software, artificial intelligence and testing capabilities. The company provides solutions for defense, security and industrial applications, and is particularly recognized for its capabilities in wide-area infrared surveillance across the defense sector, including air defense (GBAD), drone detection (C-UAS), naval protection, border security and critical infrastructure protection.

Carlyle acquired a majority stake in HGH in 2018 through Carlyle Europe Technology Partners ("CETP") and has partnered closely with management to transform the company from an entrepreneur-led and product-focused electro-optical specialist into a differentiated defense technology platform and infrared solution provider with enhanced innovation and software capabilities. During its ownership, Carlyle supported HGH's strategic repositioning towards high-growth defense applications while accelerating investment in proprietary infrared sensing technologies, advanced software and AI capabilities. Carlyle also supported the evolution of HGH into a more mature and scalable organization, strengthening the management team and enhancing the operational capabilities required to support growth. These initiatives enabled HGH to strengthen its position within global defense ecosystems and capitalize on the structural increase in global defense spending and evolving security requirements.

Vincent Leboucher, President of HGH, said: "Carlyle has been a trusted partner throughout a transformative period in HGH's development. Their strategic perspective, active engagement, and long-term commitment have helped HGH accelerate its development, strengthen the organization and enter its next phase of growth. I would like to thank Cyril Bourdarot and the whole Carlyle team for their partnership and commitment. We are excited to begin the next chapter with THEON and continue building on our strong foundation."

Cyril Bourdarot, a Partner at Carlyle Europe Technology Partners, said: "HGH's evolution is a testament to the strength of its technology, the vision of its management team and the relevance of its positioning in a rapidly changing defense environment. Together with management, we supported the company's strategic shift toward defense applications and invested over several years in AI-enabled software. This focus has enabled the business to offer next-generation capabilities and build a platform capable of addressing increasingly critical and complex defense needs. We look forward to seeing HGH continue its growth journey."

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About HGH

Founded in France in 1982, HGH has become a world leader in infrared technology, specializing in the design, manufacture, and marketing of advanced electro-optical systems and sensors for industrial, defense, and security applications. Driven by continuous innovation, HGH combines expertise in infrared technologies and proprietary artificial intelligence to deliver high-performance surveillance solutions.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle's purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts:

Carlyle

Andrew Kenny
[email protected]
+44 7385 662334

HGH
Coline Veyrinas

[email protected]