Mutares is turning its portfolio churn into high gear. Hot on the heels of a binding sale agreement for NEM Energy, the Munich-based investor is now weighing exits from two of its most prominent holdings: the Portuguese power-grid specialist Efacec and the German fire-truck builder Magirus. Together, the disposals could represent the largest monetisation cycle in the company’s history.
Bloomberg has revealed that Mutares is exploring either a trade sale or an initial public offering for Efacec, with JPMorgan running the process. The engineering group, which supplies digitalised energy infrastructure, is expected to deliver EBITDA of between €40 million and €50 million in 2026. Cantor, the investment bank, assigned it an enterprise value of €300 million to €420 million back in May, and a competitive auction could push that ceiling higher. That would comfortably surpass the previous record exit for Mutares. The company itself describes Efacec’s order intake and business trajectory as “clearly above plan.”
Meanwhile, the fire-fighting specialist Magirus is also being lined up for a potential IPO. Mutares is reviewing strategic options and has explicitly mentioned a stock-market listing. The operational case is solid: Magirus carries an order backlog of more than €880 million, securing capacity well into 2027. Its restructuring is taking hold, too — the operating loss shrank to just €12 million in 2025 on revenue of €336 million. A new defence unit, created last autumn through the acquisition of Achleitner Fahrzeugbau, is adding further momentum by leveraging existing military customer relationships.
One exit is already sealed. Mutares has agreed to sell its heat-exchanger subsidiary NEM Energy to Hyundai Heavy Industries. The purchase price has not been disclosed, but the deal is expected to close in the third quarter of 2026. NEM was acquired from Siemens Energy at the end of 2022 and was turned into a profitable platform under Mutares’ ownership — a textbook example of its buy-fix-sell model.
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These disposals come against the backdrop of a ticking covenant clock. Mutares breached a bond condition tied to its net debt-to-equity ratio based on preliminary 2025 figures. Creditors waived their right to review the metric until 29 June 2026, leaving the company a tight window to repair its balance sheet. The recently completed Wärtsilä acquisition has already bolstered equity, but a successful Efacec or Magirus exit would provide a far bigger boost — both in liquidity and in strengthening the key ratio. Mutares is also buying back its own bonds aggressively, targeting an outstanding volume of €250 million to €300 million by year-end, with at least €25 million per quarter from the second quarter onward.
Shareholders stand to benefit directly. At the annual general meeting on 3 July, a base dividend of €2.00 per share will be put to a vote. If substantial exit proceeds materialise, management has promised an additional performance dividend.
The market has taken note. The stock closed at €29.45 on Friday, up 3% on the day and reclaiming its 200-day moving average. Even so, it remains 22% below its 52-week high of €36.75 and has lost roughly 5% since the start of the year. Mutares is targeting group revenue of €7.9 billion to €9.1 billion in 2026 and a holding net profit of between €165 million and €200 million. Longer term, it aims for annual growth of at least 25% in both revenue and net profit through to 2030 — and says the earlier 2028 targets of €10 billion in revenue and €200 million in profit will be reached “significantly earlier.” Whether Efacec and Magirus cross the finish line this year will determine just how close the company gets to those ambitions.
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