Mutares has signed an agreement to acquire long-established Steinmüller Engineering GmbH from IHI Group

  • German specialist in thermal-process engineering
  • Total output of close to EUR 100 million
  • More than 1,300 projects delivered for over 500 customers in 80 countries
  • Closing of the transaction expected in Q4 2026

Munich, September 29, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to acquire long-established Steinmüller Engineering GmbH (“Steinmüller”), a German developer of thermal-process engineering solutions for the energy and industrial sectors, from the IHI Corporation (“IHI Group”), in a share deal. Closing of the transaction is expected in Q4 2026, subject to customary closing conditions.

The company traces its roots back to 1874 and became part of the Japanese IHI Group in 2014. It now provides engineering, procurement and turnkey EPC solutions for combustion and incineration systems, air pollution control and heat transfer, mainly for clients in the utility, waste, chemical and industrial sectors. Its offering is underpinned by a portfolio of European patents. The company employs approximately 170 people and is headquartered in Gummersbach, Germany. It generated a total output of close to EUR 100 million in the last financial year and has delivered more than 1,300 thermal-process engineering projects for over 500 customers in 80 countries.

The acquisition marks a new platform investment for Mutares in the energy transition and industrial decarbonization space, an industry benefiting from strong regulation-driven growth. With deep engineering know-how and a strong patent portfolio, Steinmüller offers substantial development and value creation potential. The transaction also reflects Mutares’ broader international network and marks its latest acquisition from a leading Japanese industrial group.

Johannes Laumann, CIO of Mutares, comments: “With this transaction, we are adding a strong platform to Mutares’ Energy & Technology segment. Alongside our portfolio company Sofinter Group, we see significant synergies in this fast-growing decarbonization market. Together, the two platforms have the potential to build a leading position and follow a value-creation path similar to NEM Energy Group. A great deal.”