Eighth exit in 2023: Mutares has signed an agreement to sell Frigoscandia to Dachser

  • Successful turnaround and repositioning of Frigoscandia
  • Transaction expected to close in Q1 2024
  • Acquisition of Frigoscandia set to further bolster Dachser’s market position through complementary service offering and geographical coverage
  • The exit is further proof of the robustness of the Mutares business model and an important testament to the successful expansion into the Nordics

Munich, December 21, 2023 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) today announces that it has signed an agreement to sell its portfolio company Frigoscandia to Dachser. The closing of the transaction, subject to EU merger control and Swedish FDI approval, is expected in the first quarter of 2024.

Frigoscandia is a full-service provider of temperature-controlled logistics in the Nordic market. Headquartered in Helsingborg, Sweden, the company employs around 1,300 people and generates more than EUR 300 million in revenues in 2023. Following the 2021 acquisition from Posten Norge, a series of turnaround measures were implemented and Frigoscandia was successfully repositioned as the Nordic champion of temperature-controlled logistics.

Headquartered in Germany, Dachser’s acquisition of Frigoscandia is a strategic move that in a complementary way enhances their existing network in terms of geography and services. As a global leader in systems logistics, Dachser’s extensive global network and service offerings will provide significant advantages for the future growth of Frigoscandia.

Carl Kistenmacher, Head of Nordics and UK at Mutares, comments: “The exit of Frigoscandia shows the strong position that Mutares has built in the Nordics, with our unique governance model and persistent focus on operational excellence. The management team of Frigoscandia has done a fantastic job implementing all the improvement measures together with our team on the ground at Frigoscandia. The acquisition by Dachser makes perfect industrial sense and I am really looking forward to follow the continued successful journey of Frigoscandia.”

Mark Friedrich, CFO of Mutares, comments: “The transaction represents another successful exit for Mutares in 2023. We are immensely satisfied with the transformation journey of Frigoscandia, a good example when our strategy has been effectively employed to amplify the company’s evolution and potential, ultimately also resulting in significant value generation for Mutares and its shareholders. The final proceeds will be accounted to the Mutares Net Income of fiscal year 2024.”