Ninth acquisition in 2023: Mutares has submitted an irrevocable proposal for a majority investment in Sofinter (currently participated by Gammon Group) – significant synergies in NEM Energy Group expected

• Leading global provider of industrial and utility boilers with a strong positioning in the Heat Recovery Steam Generation (HRSG) segment
• Revenues of over EUR 250 million expected within the end of 2023
• Transaction to leverage significant synergies within the NEM Energy Group

Munich, October 12, 2023 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has submitted an irrevocable proposal, indirectly through a controlled acquisition vehicle incorporated under the laws of Italy, to invest in Sofinter Group by way of acquisition of a large majority stake. The transaction will be carried out partly by means of purchase of shares from its current shareholders, partly by means of subscription of a capital increase. Sofinter is a leading player specialized in designing and manufacturing of steam generators for different markets to further strengthen the Engineering & Technology segment. The closing of the transaction is expected before the end of 2023 and is subject to the final approval by the lending banks.

With approx. 680 employees, Sofinter Group manufactures in 4 factories located in Italy and Romania ensuring European quality standards. The group operates through four main brands: Macchi, a worldwide leader in industrial and heat recovery boilers for the oil & gas sector; AC Boilers, a global player in the manufacturing of large utility boilers, waste-to-energy/biomass boilers and Heat Recovery Steam Generation (HRSG) for power generation, Europower, an EPC and O&M contractor focused mainly in the Waste-to Energy sector, and Itea, dedicated to the development and sale of plants based on the proprietary Technology ISOTHERM Pwr® “Flameless” Oxy-Combustion, covering a wide range of activities within the value chain. The diversified product range is key to serving different markets and customers in more than 45 countries.

Through its outstanding technical competencies and continuous investment in R&D, the group is well positioned to exploit new market opportunities and to further expand its service business. The customer base and technology will help to diversify the NEM Energy Group as well as boost the aftermarket business with a combination of NEM and Sofinter.

Johannes Laumann, CIO of Mutares, comments: “With the wide value proposition and technology advantage, Sofinter Group is a unique opportunity to expand in customer segments and technologies. With the help of the Mutares Team and the synergies with the NEM Energy Group, the technologies can be further developed to take advantage of the growing demand for its products. Sofinter is a perfect fit for our portfolio and we will continue to work for the group’s ongoing success.”