Mutares has put its buy-and-build model on full display this week, unveiling two contrasting transactions that underscore the Munich-based holding company’s strategy: picking up a niche airport-equipment specialist while simultaneously pocketing proceeds from the disposal of NEM Energy Group to a South Korean industrial heavyweight.
The NEM Energy sale, signed on 10 June with Hyundai Heavy Industries Power Systems – a unit of MiCo Ltd – had been flagged as a key test of Mutares’ ability to turn around companies acquired from larger groups. The firm bought NEM from Siemens Energy in December 2022 as a carve-out, spent less than four years restructuring it, and has now found a buyer. Although no official purchase price was disclosed, CIO Johannes Laumann acknowledged analyst estimates pegging the enterprise value at a minimum of €100 million. South Korean media have speculated the total could climb as high as €450 million. The deal is expected to close in the third quarter of 2026, subject to regulatory approvals.
That exit has direct implications for Mutares’ 2026 financial targets. Management is aiming for a holding profit between €165 million and €200 million this year, and market observers believe the NEM proceeds will already cover a substantial chunk of that figure. The transaction adds credibility to the group’s investment thesis: acquire distressed or non-core assets, stabilise them, and sell at a multiple of the original outlay.
Should investors sell immediately? Or is it worth buying Mutares?
On the other side of the ledger, Mutares announced it will acquire TREPEL Airport Equipment GmbH and MAFI Transport-Systeme GmbH from NDW Maschinenbau Holding. The pair manufacture ground-support gear such as cargo loaders, aircraft tugs, and heavy-duty terminal tractors, posting combined revenue of roughly €150 million in fiscal year 2025. The acquisition, slated for completion in Q3 2026, expands the infrastructure & special industries segment with a globally active niche supplier – exactly the kind of fragmented market where Mutares prefers to operate.
The stock has responded moderately to the news flow. Shares were last quoted at €28.45, roughly 8% above their level 30 days ago, but remain about 5% lower since the start of the year. From the 52-week high of €36.75, the paper is still down more than 22%. A 50-day moving average 6.4% below the current price underscores the recent recovery, yet the holding remains well off its best levels.
Looking ahead, investors will watch for further exits from the portfolio. Laumann has pointed to EFACEC as a potential candidate – analysts value that business at €300 million to €420 million – while Magirus may be headed for an IPO or a strategic sale. Mutares is also pushing ahead with its US expansion and has set a target of lifting group revenue to €10 billion by 2028. Detailed half-year figures are due in August, and until then, the deal pipeline will remain the dominant driver for the share price.
Ad
Mutares Stock: Buy or Sell?! New Mutares Analysis from June 12 delivers the answer:
The latest Mutares figures speak for themselves: Urgent action needed for Mutares investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from June 12.
Mutares: Buy or sell? Read more here...
