Mutares AG

What Mutares AG does

Mutares SE & Co. KGaA (formerly Mutares AG) is a Munich-headquartered, Frankfurt-listed (ticker MUX, SDAX constituent) private-equity holding company founded in 2008 that specializes in acquiring and transforming companies in transition — particularly carve-outs from large corporations and distressed small-to-mid-sized industrial businesses in Europe. The firm operates five business segments: Automotive & Mobility, Energy & Technology, Goods & Services, Infrastructure & Defense, and the newly established Chemicals & Materials. Group revenue reached EUR 6.5 billion in FY2025 across more than 35,000 group-wide employees, with FY2026 guidance of EUR 7.9–9.1 billion and a stated mid-term target of 25% annual growth through 2030.

Mutares differentiates from conventional buy-out firms by combining its own in-house consulting teams with its investment team, enabling direct operational involvement in portfolio restructuring rather than relying on external advisors. The firm generates revenue through three streams: (1) management consulting and advisory fees from portfolio companies, (2) dividends and exit proceeds from successful trades sales and IPOs, and (3) consolidated group revenue across wholly-owned operating companies. Portfolio companies are acquired as platform investments or add-ons, integrated into cluster platforms (e.g., Amaneos, HiLo, SFC Group, Matikon), and exited within a multi-year horizon targeting >20% IRR.

The 2026 transaction pipeline illustrates the strategy's scale: the USD 450M carve-out of SABIC's Engineering Thermoplastics business (the firm's largest-ever deal), the EUR 394M-revenue Wärtsilä Gas Solutions carve-out, acquisitions of Hamberger Flooring, Synthomer a.s., Venator Pigments, and Magna automotive businesses — alongside exits of NEM Energy (to Hyundai), Terranor, Kalzip, Relobus, and inTime. A EUR 105M capital increase completed in April 2026 is explicitly allocated to US expansion, and the firm operates from a network of European offices with portfolio exposure across ~20 countries.

Name

Mutares AG

Legal name

Mutares SE & Co. KGaA

Website

https://mutares.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mutares SE & Co. KGaA is a Munich-based, Frankfurt-listed private-equity holding company that acquires and restructures distressed industrial companies and corporate carve-outs in Europe, operating across five segments with EUR 6.5 billion in FY2025 group revenue.

Ownership category

akta.pro rank

Product category

Private Equity / Industrial Turnaround Investments

NAICS

Other Investment Pools and Funds (5259)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Distressed Debt Funds (FSANAKAA)

akta.pro secondary industry

Stressed / Rescue Financing Funds (FSANAKAE)

Keywords

• Industrial turnaround investments
• Corporate carve-out acquisitions
• Private equity holdings
• Operational restructuring services
• SME buy-and-build

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Consulting Fees & Advisory Services: The holding company generates fees from providing management consulting and advisory services to portfolio companies, including operational restructuring, transformation programs, and strategic support delivered by Mutares' own in-house consulting teams.
2. Portfolio Company Performance (Dividends, Exit Proceeds): Mutares generates returns through dividends from profitable portfolio companies and proceeds from successful exits via trade sales or IPOs of portfolio companies. The company targets over 20% IRR on investments and has a track record of exits including Kalzip, Terranor, Relobus, NEM Energy, and others.
3. Group Revenue from Portfolio Companies: The consolidated group revenues of approximately EUR 6.5 billion in FY 2025 reflect the aggregate revenues of all portfolio companies, which are transformed and operated under Mutares' ownership before eventual exit.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Mutares acquires distressed small-to-mid-sized industrial companies and corporate carve-outs in Europe and the US, restructures them using in-house consulting teams, and exits through trade sales or IPOs targeting over 20% IRR. The holding earns revenue through (a) consolidated portfolio company turnover (EUR 6.5 billion in FY 2025), (b) advisory/consulting fees for transformation services, and (c) dividends and exit proceeds from successful realizations.

Product overview

Mutares SE & Co. KGaA is a German listed private equity holding company (Beteiligungsgesellschaft) that specializes in acquiring, transforming, and developing distressed small-to-mid-sized industrial companies and corporate carve-outs in Europe and internationally. The company operates through five business segments: Automotive & Mobility, Energy & Technology, Goods & Services, Infrastructure & Defense, and Chemicals & Materials. Rather than selling products in the traditional sense, Mutares provides investment and operational transformation services, acquiring companies, restructuring them with internal consulting teams, and exiting through sale or IPO. The company's portfolio includes various industrial manufacturing companies acquired as platform investments or add-ons, including flooring manufacturers (HARO), automotive components suppliers, chemical businesses, logistics companies, and energy technology firms.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Turnaround Investment Service End-to-end service for acquiring distressed small-to-mid-sized industrial companies and corporate carve-outs, restructuring them, and exiting via trade sale or IPO targeting over 20% IRR.
• Operational Restructuring and Transformation Consulting In-house consulting and advisory services delivered by Mutares' own consulting teams to portfolio companies, covering operational restructuring, transformation programs, and strategic support during the holding period.
• Carve-out Acquisition and Integration Service Specialized service for executing complex corporate carve-outs from large industrial parents, separating businesses operationally while preserving continuity for employees, customers, and supply chains.

Quantifiable outcome

• EUR 6.5 billion in group revenues in FY 2025, up from EUR 5.3 billion in FY 2024
• +4 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered minor and major.

• SchoenherrminorImplementation/ SI/ Consulting Partner · 25 June 2026Schoenherr, a law firm, served as legal advisor to Mutares on its carve-out acquisition of the Czech-based Acrylate Monomers segment (Synthomer a.s.) from Synthomer PLC.
• EU (European Commission)minorStrategic or Co-development Partner · 24 June 2026The European Union approved Mutares SE & Co. KGaA's acquisition of Jadeed (SABIC's Engineering Thermoplastics business) covering the Americas and Europe, a deal valued at USD 450 million representing Mutares' largest transaction to date.
• Synthomer plcmajorStrategic or Co-development Partner · 19 June 2026Synthomer agreed to sell its Czech Acrylate Monomers business (Synthomer a.s.) to Mutares. The Sokolov facility employs ~300 people and is a leading European supplier of acrylic acid and related monomers, strengthening Mutares' new Chemicals & Materials segment.
• BloombergminorGTM or Marketing Partner · 17 June 2026Bloomberg reported on Mutares' exploration of strategic alternatives for Efacec, including a potential IPO on the Lisbon stock exchange or a divestiture, reflecting mutual media/information partnership.
• NDW Maschinenbau Holding GmbHmajorStrategic or Co-development Partner · 3 June 2026Mutares signed an agreement to acquire TREPEL Airport Equipment GmbH and MAFI Transport-Systeme GmbH from NDW Maschinenbau Holding, strengthening Mutares' Infrastructure & Special Industries segment. Combined revenues of approximately EUR 150 million.
• Magna International Inc.majorStrategic or Co-development Partner · 13 April 2026Mutares signed agreements to acquire two automotive supplier businesses from Magna International: European automotive lighting (~$235M revenue) and car top systems (~$85M revenue). These will be integrated into Mutares' Amaneos and HiLo platforms respectively, adding ~$320M combined revenues.
• Wärtsilä CorporationmajorStrategic or Co-development Partner · 31 March 2026Mutares completed acquisition of Wärtsilä's Gas Solutions business, a worldwide leading provider of cargo handling, reliquefaction, regasification, VOC recovery, and large-scale biogas solutions, with EUR 394 million revenue in 2025, strengthening Mutares' energy transition and marine technology position.
• Hamberger Industriewerke GmbHmajorStrategic or Co-development Partner · 12 February 2026Mutares acquired Hamberger Industriewerke's flooring business (HARO brand, parquet and hard floor coverings) generating EUR 150 million in revenue, serving customers in over 70 countries. A platform investment for Mutares' Goods & Services segment.
• SABIC (Saudi Basic Industries Corporation)majorStrategic or Co-development Partner · 22 January 2026SABIC agreed to divest its Engineering Thermoplastics (ETP) business in the Americas and Europe to Mutares for USD 450 million, with SABIC retaining market access through long-term supply agreements. The deal established Mutares' new Chemicals & Materials segment.
• WärtsilämajorStrategic or Co-development Partner · 22 December 2025Wärtsilä Corporation agreed to divest its Gas Solutions business to Mutares SE & Co. KGaA in a strategic carve-out. The transaction, expected to close in Q2 2026, strengthens Mutares' position in energy transition and marine technology sectors. Gas Solutions generated approximately EUR 394 million in revenue in 2025.

Scale indicators17 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Aurelius AG: Munich-listed special situations / distressed-equity investor that acquires mid-market European companies and corporate carve-outs to restructure and exit. Most direct peer to Mutares given shared geography (Munich HQ), strategy (special situations in European mid-market industrials), listed structure, and operational turnaround approach.
• Storskogen Group AB: Stockholm-listed serial acquirer of profitable small-and-medium-sized Nordic and European companies operating across industrial, consumer, and services verticals. Comparable to Mutares on public-market-listed buy-and-build model and focus on decentralised operating companies; differs in being less tilted to distressed/turnaround situations.
• Deutsche Beteiligungs AG: Frankfurt-listed mid-market private equity firm providing equity capital and operational support to German Mittelstand companies. Highly comparable on German-listed PE profile and focus on mid-market industrial deals, although DBAG's mandate tilts more toward buyouts than distressed/carve-outs.
• Ratos AB: Stockholm-listed industrial private equity company owning and developing a diversified portfolio of Nordic and European companies. Comparable on listed structure, industrial mid-market focus, and decentralised operating-company model; less concentrated in distressed/special situations than Mutares.
• Volati AB: Stockholm-listed acquirer of small and medium-sized Nordic industrial and consumer companies with a buy-and-build approach. Comparable on listed acquirer profile, focus on SME industrial carve-outs, and decentralised ownership model.

Broad incumbents

• 3i Group plc: London-listed private equity and venture capital manager with global mid-market and growth investments. Comparable on European-listed PE structure and broad industrial exposure, but operates a much larger fund-based model than Mutares' balance-sheet holding approach.
• Eurazeo SE: Paris-listed private equity and mid-market investment company operating across private equity, infrastructure, and venture. Comparable on European listed holding/PE structure, but with broader asset classes and larger fund-based operations than Mutares.
• Wendel SE: Paris-listed long-term industrial holding company investing in unlisted mid-cap European businesses with active ownership. Comparable on listed holding structure, industrial mid-market focus, and long-hold value-creation model.
• Kinnevik AB: Stockholm-listed investment company with concentrated ownership in consumer-internet and growth businesses. Adjacent comparable as a European listed investment vehicle, but its growth/tech orientation differs from Mutares' industrial turnaround mandate.
• Intermediate Capital Group plc: London-listed alternative asset manager specialising in corporate credit, structured credit and private equity secondary investments. Comparable on European-listed alternative-asset profile and multi-strategy approach, though anchored in credit rather than industrial equity turnarounds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mutares-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A72 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mutares AG