Mutares expects strong Q4 2024 with high M&A activity
Munich, October 1, 2024 – At the start of the fourth quarter of 2024, Mutares SE & Co. KGaA is on track to achieve the goals formulated as part of its stated strategy. An above-average development is expected in Q4, particularly in the Segments of Engineering & Technology, Goods & Services, and Retail & Food, while growth in achieving a relevant position in the automotive & mobility industry will lead to first-exit opportunities.
After a subdued third quarter on the transaction side, as anticipated, Mutares expects a very strong fourth quarter of 2024. Mutares intends up to five acquisitions with investments of up to EUR 20 million for more than EUR 600 million of turnover and at least two further exits in 2024.
On the exit side, particular attention is paid to Steyr Motors (“Steyr”), a global supplier of specialty engines in the fast-growing defense sector. Mutares acquired the company in November 2022, benefiting from a very fast strong operational turnaround and the general market environment. In the fiscal year 2024, Steyr will generate an operating profit (Adjusted EBIT) of more than EUR 10 million. The market environment is very beneficial and has led to very strong momentum that results in an increased number of solid opportunities and a strong order book. Julian Cassutti, CEO of Steyr, comments: “Our customers’ defense budgets have increased so significantly worldwide that we have always been able to exceed the targets we have communicated so far. The current planning, which assumes an Adjusted EBIT of more than EUR 40 million by 2027, is rather conservative given the existing order book and sales pipeline.”
Mutares is exploring for Steyr Motors the possibility of a public listing and selling part of the Steyr business by the end of the year to selected investors. Johannes Laumann, CIO of Mutares, comments: “I am confident that we will achieve our goals this year as well and that we will see some positive surprises on both the buy and sell side. We deliver what we promise.”