Mutares SE & Co KGaA continues a busy transition period
Mutares SE & Co KGaA, the German-listed private‑equity holding that specialises in the acquisition of companies in transition, announced a flurry of transactions at the turn of 2025‑2026. While the German stock exchange closed early on the final day of 2025, the firm’s management team pushed forward with both a divestment and a new investment within the span of 24 hours, signalling a continued appetite for opportunistic deals.
Exit in Italy
The most visible transaction was the sale of Conexus S.p.A., an Italian energy‑infrastructure business with 2025 revenues of €104 million and an EBITDA of €8 million. In a binding agreement signed on 30 December 2025, Mutares agreed to transfer ownership to ATS – Advance Technologies System, a wholly‑owned subsidiary of the private‑equity group Maximum Return System. Closing is expected in the first quarter of 2026. The deal follows a four‑year holding period and reflects Mutares’ focus on disposing of positions that have reached a satisfactory level of maturity or that no longer fit its strategic profile.
Two acquisitions in China
Shortly after the Italian exit, Mutares announced two further acquisitions in China. Although the specific names of the target companies were not disclosed, the moves underscore the firm’s continued pursuit of growth opportunities in emerging markets, particularly in sectors that benefit from restructuring and management optimisation. The acquisitions were reported on 1 January 2026, shortly after the New Year’s holiday when market activity typically slows, highlighting Mutares’ agility in executing deals when competitors are more restrained.
Market backdrop
The transactions took place against the backdrop of a cautiously optimistic German equity market. The SDAX, comprising mid‑cap German stocks, finished the trading day on 30 December 2025 with a modest gain of 0.93 percent, reaching 17 174,73 points and a market capitalisation of €90 billion. The index had seen a brief dip earlier that day but ended in the green, reflecting broader investor confidence. Mutares’ activity, therefore, occurred in a supportive environment for capital‑market‑focused firms, even as it continued to pursue a disciplined, transaction‑centric strategy.
Strategic implications
By completing a significant divestment and adding two new assets, Mutares demonstrates a balanced approach to portfolio management. The sale of Conexus frees up capital that can be redeployed into higher‑potential assets, while the Chinese acquisitions provide geographic diversification and access to markets with strong growth prospects. The firm’s public statements emphasise that it remains committed to identifying businesses undergoing ownership or management succession, turnaround, or re‑financing—core tenets of its investment philosophy.
In summary, Mutares SE & Co KGaA’s early‑2026 activities illustrate a continued, disciplined pursuit of value‑creating opportunities, even as the broader German market shows cautious optimism. The firm’s ability to close multiple deals in quick succession speaks to its operational strength and its readiness to adapt to changing market conditions.
