Mutares set for capital increase to boost deal-making

At its Capital Markets Day earlier in September, Mutares stated that it would be evaluating capital market financing options to support its future growth.

The firm intends to issue up to 5,140,439 new ordinary shares with subscription rights, starting on 30 September and ending on 13 October 2021.

In addition, Mutares intends to transfer its new and existing shares to the regulated market (prime standard) of the Frankfurt Stock Exchange, simultaneously expanding its shareholder base. More than 40% of its shares are held by its management and supervisory board, according to its website.

Mutares said in a statement that it has seen a significant increase in opportunities for its investment strategy and that it intends to accelerate its growth, adding that this will see the employment of more consultants in its operations teams.

Mutares backs small and medium-sized businesses in transitional and turnaround situations, often acquiring companies via carve-outs from larger groups. The firm focuses on three sectors: transport; engineering and technology; and goods and services. Mutares has made nine platform investments to date in 2021.

The firm aims to implement operational improvements during its investment period in order to generate returns on invested capital of 7-10x.

In addition to its Munich headquarters, Mutares has offices in Frankfurt, London, Madrid, Milan, Paris, Stockholm and Vienna. Mutares and its portfolio generated 2020 revenues of EUR 1.6bn; it expects this to grow to EUR 2.4bn in 2021 and to more than EUR 5bn by 2023.

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