Mutares AG expands to Northern Europe: Subsidiary Donges Group with second add-on aquisiton

  • Mutares successfully starts into 2019 with its first acquisition in Northern Europe
  • Subsidiary Donges Group acquires Finnish Normek Oy as a strategic add-on to its steel construction and façade solutions business
  • Donges Group increases annual turnover to around EUR 180 million
  • Synergies and further increasing profitability expected at Donges Group

Munich/Darmstadt (Germany), February 28, 2019 Donges Group, a platform investment of listed investment group Mutares AG (ISIN: DE000A2NB650) specializing in the design, engineering and construction of steel bridges and constructions as well as high-quality roof and façade solutions, is expanding into Northern Europe. The Mutares subsidiary today signed a purchase agreement with Normek Group Oy, owned by Intera Fund I Ky and private shareholders, about the acquisition of Normek Oy based in Vantaa, Finland, and its subsidiaries in Finland and Sweden. The acquisition was also closed today and marks the second add-on acquisition for German Donges Group.

For Mutares AG, today’s transaction represents an important milestone in its expansion into the Northern European market and serves as a basis for further acquisitions in the region. The acquisition follows the already established Mutares platform strategy, marking a pleasant start in the new fiscal year 2019 for the Munich-based investment company.

Normek is one of the leading steel building construction and façade solutions companies in Finland and operates mainly in the Finnish and the Swedish market. The business activities of Normek ideally complement the existing business of the Donges Group. Normek operates four production sites in Finland and a project management and sales office in Sweden. It specializes in the design, engineering and construction of steel frame structures and steel bridges as well as on the manufacture of customer-specific glass façade solutions. Normek generated sales of around EUR 65 million in 2018 and employs around 250 people.

Robin Laik, CEO of Mutares AG, expects this transaction to further increase sales and profitability for the entire Donges Group: “With Normek, we are pleased to have found an established Northern European specialist for steel construction and façade solutions which contributes to the further growth of the Donges. This add-on acquisition will expand and complement the product portfolio and distribution channels of both Donges Group and Normek. The transaction follows our buy-and-build strategy which we successfully implemented also at STS Group AG and Balcke-Dürr Group, with the aim of achieving sustainable growth and added value for our portfolio companies.”

About Donges Group

The Donges Group has been part of the Mutares Group since November 2017 and represents a strategic platform investment in its Engineering & Technology portfolio segment. Following the rapid and successful completion of the turnaround program, Donges is now concentrating on further increasing profitability and optimizing its key business areas. After the acquisition of German Kalzip Group in October 2018, today’s transaction represents the second add-on acquisition for Donges Group. The acquisition of Normek is part of the sustained repositioning of Donges as a specialist provider of steel bridges, steel building construction, roof and wall solutions in the European markets. Including its two strategic add-on acquisitions, the entire Donges Group generates annual sales of around EUR 180 million and employs around 600 people.