Mutares completes acquisition of Knorr-Bremse RailServices UK and Kiepe Electric Ltd.

• New platform investment with total annual turnover of GBP 75 million (EUR 85 million)
• Product portfolio includes railway maintenance services and turnkey solutions
• Transaction marks entry into the UK market for Mutares

Munich, November 1, 2018 – Mutares AG (ISIN: DE000A2NB650) has successfully closed the acquisition of Knorr-Bremse RailServices UK (KBRS) and Kiepe Electric Ltd. (Kiepe) from Knorr-Bremse. From now on, both companies will be combined in the Mutares portfolio in the “Engineering & Technology” segment as a new platform investment.

The product range offered includes structured and innovative services such as overhaul and turnkey repair services, modernisation programmes, design and project management for the owners and operators of rail vehicles in the UK. KBRS and Kiepe employ around 700 people in Wolverton, Springburn and Birmingham and have total sales of around GBP 75 million (EUR 85 million). The operational experts at Mutares are now working with local teams to develop a comprehensive change program.

“The acquisition of two of Knorr-Bremse’s companies is our first transaction in the UK and is an excellent continuation of the market development we have been able to achieve through our recently opened UK office in London. KBRS and Kiepe are both well-established players in the UK market and represent an ideal platform investment where our operational advisory team will support local management in realizing value potential”, says Robin Laik, CEO of Mutares AG.