Mutares Builds a Decarbonization Platform Around Steinmüller and Sofinter
Published on 09/30/2026 at 14:01 | Editorial boerse-global.de
Munich-based Mutares has signed an agreement to acquire Steinmüller Engineering GmbH from Japan's IHI Corporation, a move that extends the turnaround investor's reach into industrial decarbonization and marks its return to the buy side after a run of disposals.
The purchase price and transaction structure were not disclosed at announcement. Completion remains subject to customary closing conditions and is targeted for the fourth quarter of 2026.
Rather than run Steinmüller as a standalone asset, management intends to fold it together with Sofinter, a company already in the portfolio, to form a combined platform serving the energy transition. Chief Investment Officer Johannes Laumann is steering that plan, which is designed to capture synergies across the plant and service businesses and to unlock operating economies of scale. It is a familiar playbook for Mutares, which regularly bolts complementary acquisitions onto rehabilitated units to strengthen their market position ahead of a later resale.
Should investors sell immediately? Or is it worth buying Mutares?
NEM Energy as the Yardstick
For a sense of where Steinmüller could end up, Laumann points to NEM Energy. Mutares closed the sale of the NEM Energy Group roughly three weeks ago, a divestment that is estimated to have contributed more than EUR 100 million to earnings. Management is aiming for a comparable outcome in the decarbonization business over the medium term, with the Sofinter combination intended to provide the operating foundation. Formal integration will only begin once the deal closes, expected in the fourth quarter.
The Steinmüller agreement follows two divestments sealed in quick succession. On 23 September, Mutares sold Prénatal Netherlands to managing director Jochem van Bueren, with signing and closing occurring simultaneously; the transaction was expressly limited to the retailer's Dutch operations. Days earlier, on 18 September, the company announced the sale of automotive supplier Cimos d.d. to members of its incumbent management team, who were backed in the deal by investor Vero Automotive 111 d.o.o.
A Bond Tender Runs Alongside the Deal Flow
Mutares is also tidying up its liabilities while it reshuffles the portfolio. On 25 September the company launched a partial repurchase offer for its bond maturing in 2027, an issue with a total nominal volume of EUR 250,000,000.00. The tender covers up to EUR 25,000,000.00 in nominal value at a price of 100.00%, plus accrued interest. The offer window for institutional and private creditors closed on Wednesday at 16:00 CEST, with financial settlement and payment of the repurchase amount scheduled for 2 October 2026.
Equity investors have greeted the news flow with little enthusiasm. The stock gained 1.0% on the day the Steinmüller deal was signed, closing at EUR 24.35, and today trades at EUR 24.30, a slip of 0.2%. Year to date the shares are down 19%, and the price sits 31% below its 52-week high. Market participants appear content to wait for tangible operating progress from the new additions before repricing the story.
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