Mutares - Rapidly expanding portfolio
Mutares (MUX) specialises in restructuring distressed companies and is taking advantage of the current economic downturn caused by the pandemic, as large capital groups are selling unprofitable divisions. Including announced but not yet finalised transactions, the portfolio grew to 18 companies vs 13 at end-FY19. While tough conditions in European industrials sectors weighed on MUX’s H120 results (it consolidates all its entities in full), management highlighted that the portfolio has returned to profitability in recent months. At the same time, the stabilisation of operations should allow restructuring initiatives postponed during the pandemic to restart (likely triggering higher costs in H220). A €50m bond issue in Q120 secured additional liquidity.Mutares SE & Co KgaA Formerly known as Mutares AG. Mutares SE & Co KgaA is a Germany-based holding company focused on acquiring companies in special situations, such as owner or management succession and re-funding. It is active in three segments: Automotive & Mobility, including Elastomer Solutions, a manufacturer of rubber moldings, Plati, a supplier of cable harnesses, Kico, a supplier for automotive technology and STS Group, a supplier for commercial vehicle; Engineering & Technology, including Balcke-Duerr, a producer of power plant components, Donges Group, a manufacturer of bridge and steel constructions, EUPEC, a supplier of coatings for oil and gas pipelines, and Gemini Rail Group, a provider of component and vehicle overhaul services to rolling stock owners, and Goods & Services, including KLANN, a manufacturer of tinplate packaging, Cenpa, a manufacturer of coreboard, La Meusienne, a manufacturer of stainless steel tubes, TrefilUnion, a producer of iron wire and prestressing steel, and keeeper group, a plastic manufacturer.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.