UAB Selteka acquired by Inission AB

In July 2025, Stockholm-listed electronics contract manufacturer Inission AB acquired Kaunas-based UAB Selteka in a 100% share transaction advised by CapEQ.

The deal extends Inission's pan-European EMS platform into Lithuania and brings nearly 70 years of manufacturing heritage into one of Northern Europe's most active consolidators.

Overview of UAB Selteka

Founded in 1956 as the Kaunas Radio Factory and renamed UAB Selteka in 1997, UAB Selteka is one of Lithuania's most established electronics manufacturing services (EMS) businesses.

The company provides end-to-end services from design through to full-scale production, serving industrial, telecoms, and energy customers across the Baltics and wider Europe.

At completion, Selteka employed 280 people and reported €16m revenue for FY2024.

CEO Arunas Vizgaitis appointed CapEQ to lead a structured sell-side process, with Partner Audrius Sankalas heading the engagement from CapEQ's Nordics-Baltics practice.

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Deal at a glance

Target	UAB Selteka
Acquirer	Inission AB
Completion date	30 June 2025
Deal value	Undisclosed
Deal structure	100% share acquisition
Sell-side M&A advisor	CapEQ — Director Audrius Sankalas
Sell-side legal advisor	Glimstedt Law Firm
Engagement duration	41 weeks
Sector	Electronics Manufacturing Services (EMS)
Target HQ	Kaunas, Lithuania
Acquirer listing	Nasdaq First North Growth Market, Stockholm
Selteka headcount at close	280
Selteka revenue (2024)	€16 million

Selteka manufacturing team at the Kaunas facility, the 280-strong workforce acquired by Inission AB in 2025

Strategic acquisition by Inission AB

Inission AB is a Nasdaq First North-listed full-service electronics contract manufacturer headquartered in Karlstad, Sweden.

The group reported SEK 2.2bn group revenue in 2024 with an average of 1,070 employees across operations in Sweden, Norway, Finland, Estonia, Italy, the USA, and Tunisia.

Acquisition has been central to Inission's growth strategy since its 2015 Nasdaq listing — the group has completed more than 25 transactions in that period.

Selteka extends Inission's existing Baltic footprint, adds a long-standing customer base in industrial and energy electronics, and supports the group's medium-term goal of 15% annual revenue growth, of which 5% is targeted through acquisition.

How the deal came together

The market backdrop

The electronics manufacturing services sector across Northern Europe is consolidating.

Independent analysts project EMS growth of 5–7% a year across the region, driven by defence, renewable energy, industrial automation, and MedTech demand.

For mid-sized contract manufacturers, the pressures are structural: rising capital investment requirements, accelerating innovation cycles, and intensifying competition for skilled engineering talent are making scale an increasingly decisive advantage.

Arunas Vizgaitis recognised this dynamic directly — smaller EMS businesses, in his words, need to find either a strong niche or strong partners to remain competitive.

Finding the right acquirer

CapEQ's mandate was a targeted strategic search, not a broad auction.

Selteka's value to an acquirer sat in a combination of factors — Baltic footprint, customer loyalty, modern production capability, and an experienced management team — and the process was designed to identify acquirers for whom that combination represented a genuine strategic fit.

Inission was a natural candidate: it already operated in Estonia, had a publicly articulated Northern European growth strategy, and had built a 25-deal track record of integrating EMS businesses while preserving local identity and leadership.

Running a process that protected value

Several credible parties engaged with the opportunity. Arunas's selection criteria were never purely financial — cultural fit, treatment of the workforce, and a credible long-term vision for Selteka's customers carried equal weight.

Inission's case rested on three things: a verifiable record of management continuity post-acquisition, a specific and well-articulated strategic rationale rooted in its existing Baltic presence, and a clear understanding of what Selteka actually was as a business.

The competitive process produced a result that exceeded Arunas's expectations and validated the decision to run a thorough sell-side process rather than respond to the first inbound approach.

Completing on time, to the hour

The 41-week engagement completed precisely on the date — and, as Arunas later noted, on the hour — that had been planned from the outset.

Inission's experienced acquisitions team had initially considered the closing timeline ambitious. The precision reflected disciplined preparation and skilled cross-border coordination between Lithuanian, Swedish, and UK legal and financial advisors.

Arunas Vizgaitis remained in post as CEO following completion, continuing to lead the business as it integrates into the Inission group.

Enhancing the Inission EMS platform

Selteka's nearly 70 years of manufacturing heritage, its established customer relationships, and its 280-strong skilled workforce extend Inission's production capacity across Northern Europe.

The acquisition gives Selteka access to a larger network, broader group resources, and the opportunity to grow under a shared platform — while retaining local brand identity and management.

Selteka and Inission AB combined branding marking the cross-border EMS acquisition advised by CapEQ in July 2025

Audrius Sankalas, CapEQ Partner for the Nordics-Baltics practice, led the UAB Selteka to Inission AB sell-side transaction

M&A advisory support

CapEQ acted as sell-side M&A advisor to Selteka's shareholders, with the engagement led by Partner Audrius Sankalas from CapEQ's Nordics-Baltics practice. Glimstedt Law Firm acted as sell-side legal advisor.

"This transaction is exactly the kind of cross-border process that CapEQ is built for — a founder-led business with deep heritage, a clearly defined acquirer universe, and a need to balance financial outcome with continuity for the team and customers. Running a structured competitive process gave Arunas the result he wanted on the terms he set." — Audrius Sankalas, Partner, CapEQ

About Selteka

Founded in 1956 as the Kaunas Radio Factory, UAB Selteka has been a recognised name in Lithuanian electronics for nearly seven decades. The company became Selteka in 1997 and has since expanded its production and design services to serve customers across industrial electronics, telecoms, and energy sectors throughout the Baltics and wider Europe.

Selteka is a trusted provider of electronics manufacturing services (EMS), offering comprehensive solutions from design through to full-scale production. At the time of the acquisition, the company employed 280 people and reported €16 million in revenue for the year to December 2024.

European EMS M&A market activity

About Inission AB

Inission is a Nasdaq First North-listed full-service contract manufacturer headquartered in Karlstad, Sweden. The group provides end-to-end electronics and mechanical manufacturing services — from product development and design through to volume production and aftermarket support — serving customers in MedTech, defence, renewable energy, communications, and industrial sectors.

In 2024, Inission reported group revenue of approximately SEK 2.2 billion with an average of 1,070 employees across its international operations. Acquisition has been central to the group's growth since its 2015 Nasdaq listing.

Over more than 25 completed acquisitions — including Triab Electronics (2011), Onrox Group (2016), MLB Electronics in Finland (2022), and AXXE AS in Norway (2024) — Inission has built a reputation for integrating EMS businesses in a way that preserves local identity and management continuity.

Frequently asked questions

What acquirers value in EMS and cross-border manufacturing transactions

Strategic acquirers in the electronics manufacturing services sector look for complementary geographic reach, an established customer base in underserved markets, modern production capability, and an experienced management team willing to remain in post. Selteka offered all four. Nearly 70 years of manufacturing heritage, a 280-strong workforce, loyal industrial and energy sector clients, and an established Baltic market presence made it a clear fit for Inission's Northern European expansion strategy.

The Baltic states offer a combination of skilled engineering talent, competitive operating costs, and proximity to Nordic markets that is increasingly attractive to Scandinavian EMS groups seeking scale without Western European overheads. For Inission — already present in Estonia — the Lithuanian market represented a natural extension of its Nordic-Baltic strategy. Independent analysts project annual EMS growth of 5–7% across Northern Europe, making the region a priority for consolidation among listed EMS platforms.

Inission's integration approach is well-established across more than 25 acquisitions since its 2015 Nasdaq listing. The group typically retains existing management — as it did with Selteka CEO Arunas Vizgaitis — and preserves local operational identity while connecting acquired businesses to a broader customer network, shared resources, and group-level service capability. The model is designed to accelerate organic growth within the acquired business rather than disrupt it.

Inission has used acquisition as the primary driver of international growth since going public in 2015, completing more than 25 transactions across Sweden, Norway, Finland, Estonia, and now Lithuania. Notable deals include Triab Electronics (2011), Onrox Group (2016), MLB Electronics in Finland (2022), AXXE AS in Norway (2024), and Selteka (2025). Inission's stated medium-term financial goals include revenue growth above 15% per year, with 5% attributed to acquisition — signalling that further deals are planned as the group continues to consolidate the Northern European EMS market.

Medium and longer-term founder challenges in manufacturing and cross-border M&A

Electronics manufacturing founders typically face a set of interconnected challenges when preparing for a sale: how to position a business whose value sits in long-term customer relationships and operational capability rather than easily comparable multiples; how to maintain day-to-day performance during a sell-side process that may run for 12–18 months; and how to navigate the personal dimensions of an exit from a business built over decades. Choosing a sell-side M&A advisor with direct manufacturing sector experience — and one who can manage both the financial and the personal complexity — is critical.

The pool of credible strategic acquirers for Baltic or Eastern European EMS businesses is concentrated: Nordic EMS platform companies, pan-European electronics groups, and private equity-backed contract manufacturers with stated growth-through-acquisition mandates. Finding the right fit requires sector knowledge and active acquirer relationships — not a broad auction. CapEQ's cross-border advisory work across the Baltic, Nordic, and UK markets is designed specifically to match EMS founders with acquirers whose operational model, culture, and geographic strategy align with the selling business.

A structured cross-border sell-side process for a manufacturing business typically runs between 9 and 18 months from initial mandate to completion — longer when the transaction involves multiple jurisdictions, complex due diligence on production facilities and IP, or a competitive process with several acquirers. The Selteka–Inission engagement ran 41 weeks. Cross-border complexity — particularly when a UK-based M&A advisor is coordinating with a Lithuanian seller and a Swedish buyer — requires legal, financial, and regulatory coordination across multiple frameworks. Building that timeline into early planning is essential.

The most important preparation steps for a manufacturing founder are: clarifying the strategic rationale an acquirer will see in the business — geography, customer base, technical capability, or management depth; getting financial information into clean, audited, and consistently presented form; documenting key customer contracts and relationships so they survive a change of ownership; and identifying and beginning to reduce any founder dependency in day-to-day operations. Starting this work 12–18 months before a planned exit gives a sell-side M&A advisor the runway to position the business competitively and run a thorough process — rather than reacting to an inbound approach under pressure.

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