STOCKHOLM – Note has acquired 100% of STI Enterprises Holdings Limited, a UK-based electronics manufacturing services provider focused on mission-critical defence applications, in a deal valued at $92 million. The move strengthens Note’s position in the security & defence segment and expands its presence across key European markets.

STI operates two production facilities in Hook and Poynton and supports programs across air, land, cyber and marine domains. The company brings advanced capabilities in PCBA, box build, and testing, along with long-standing relationships with major defence customers. STI employs approximately 300 people and is expected to generate around $76 million in revenue in 2026, with profitability in line with NOTE’s existing operations.

“STI is a strategic acquisition for NOTE,” said president and CEO Johannes Lind-Widestam. “Their technological capabilities and strong customer relationships within defence strengthen our offering and create significant growth opportunities.”

Tom Garvey, CEO of STI, added, “Becoming part of NOTE gives us a strong platform to accelerate our growth, broaden our offering and strengthen our position in the UK and international defence industries.”

Note confirmed its full-year 2026 outlook, expecting operating margins between 9.5% and 10.5%. 

• Next