Mutares Puts Nord Gas Solutions on the Exit Block as Steinmüller Deal Closes
Published on 10/19/2026 at 03:20 | Editorial boerse-global.de
Mutares is running its portfolio overhaul on two tracks at once — lining up an exit from one of its strongest holdings while folding a fresh acquisition into another segment. Investors, for their part, have yet to be convinced. The Munich-based holding company's stock closed Friday at EUR 24.90, down 17% since the start of the year, valuing the group at EUR 635.32 million.
The stock's lackluster run sits awkwardly beside the operational progress at subsidiary Nord Gas Solutions, whose nine-month figures Mutares presented on Wednesday. Revenue for the first nine months of 2026 came in at roughly EUR 459 million, up sharply from EUR 283 million a year earlier, while adjusted EBITDA reached EUR 43 million.
An IPO in the Nordics on the Table
Those numbers have prompted the board to weigh ways of monetizing the business. Alongside financial advisers, Mutares is examining a possible listing in the Nordic region, though the company stresses that no binding decision has been made. For the full year, Nord Gas Solutions is guiding toward revenue above EUR 575 million and adjusted EBITDA of around EUR 50 million, underpinned by a firmly contracted order backlog of EUR 880 million as of September 30, 2026.
Should investors sell immediately? Or is it worth buying Mutares?
While the exit question hangs over Nord Gas Solutions, Mutares has been adding elsewhere. The group completed the takeover of Steinmüller Engineering GmbH from IHI Corporation, bringing roughly 170 employees into the fold as a new platform investment for its Energy & Technology segment. Steinmüller generated total output of close to EUR 100 million in its most recent fiscal year.
Lapeyre Offer on the Table
On the selling side, a change is taking shape in France. Mutares has received an irrevocable offer from an investment vehicle backed by Italian entrepreneurs for a controlling stake in the Lapeyre Group, which posted revenue of about EUR 475 million in fiscal 2025. Mutares intends to retain a minority holding once the transaction closes, a step targeted for the fourth quarter of 2026 and contingent on the customary employee representative consultation.
Financing adjustments have accompanied the dealmaking. In a partial buyback of its 2023/2027 floating-rate bond, Mutares accepted notes with a total nominal value of EUR 10.4 million, trimming the amount held by investors to around EUR 222 million. A refinancing of the remaining outstanding volume is slated for the second half of the fourth quarter of 2026.
Market participants are now watching closely to see whether future proceeds actually materialize, with an exit at Nord Gas Solutions seen as a potential source of fresh funds. The terms on which those plans are ultimately executed will go a long way toward shaping the group's next chapter.
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