Mutares

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Mutares SE & Co. KGaA

logo
legal form SE & Co. KGaA
ISIN DE000A2NB650
founding 2008
Seat Munich , GermanyGermanyGermany 
management Management Board of Mutares Management SE (personally liable partner):
Number of employees 6505
sales 1015.9 million euros
Branch Holding company
Website www.mutares.de
As of December 31, 2019

The Mutares SE & Co. KGaA is a holding company with headquarters in Munich and branches in Germany, France, Italy, the UK and Finland. The company acquires and restructures low-income medium-sized companies and corporate spin-offs.

The Mutares conglomerate includes thirteen (as of May 2020) largely independent European portfolio companies in the Automotive & Mobility, Engineering & Technology and Goods & Services segments. The Group's largest holdings with the highest turnover are the Donges Group, the Balcke-Dürr Group and the STS Group .

Mutares SE & Co. KGaA shares are traded in the Scale segment of the German stock exchange.

history

Development of the Mutares group

Mutares was founded in 2008 by Axel Geuer and Robin Laik in Munich. Of the companies or groups of companies taken over by Mutares since the start of operations in 2008, 14 still belong to the portfolio (as of May 2020). There are also several so-called add-on acquisitions, i. H. New acquisitions that were incorporated into existing holdings.

A number of holdings were restructured and sold again, including Klann Packaging , a manufacturer of metal packaging in Landshut, Manufacturing Technology Weissenfels , a supplier for the machine tool industry, Geesinknorba , a manufacturer of waste collection vehicles and waste presses in Erkrath, the packaging machine manufacturer A + F Automation + Fördertechnik in Kirchlengern, the French online electronics retailers Grosbill and Pixmania , the pharmaceutical company Suir Pharma Ireland (formerly Stada Production Ireland ), the French logistics company SN CGVL and HIB Trim Parts Solutions , a manufacturer of trim parts for automotive interiors in Bruchsal (formerly Decorative Design of the Dräxlmaier Group ).

In 2015, 2017, 2018 and 2019 the company established branches in Paris, Milan, London and Helsinki, accompanied by the establishment of subsidiaries in the respective countries. In 2020 Mutares opened an office in Frankfurt am Main.

In 2019 the change of the legal form to SE & Co. Kommanditgesellschaft auf Aktien was announced; Mutares Management SE, founded in 2018, has been the personally liable partner since then .

Sales development

Since the start of operations, Mutares has steadily expanded not only its portfolio but also consolidated group sales. In 2019, the turnover generated by the portfolio companies exceeded the value of one billion euros for the first time.

Development of the Mutares group
  2008/
2009 		2009/
2010 		2010/
2011 		2011/
2012 		2012 * 2013 2014 2015 2016 2017 2018 2019
Sales (€ million) 6th 61 128 159 301 347 648.1 683.8 647.6 900 865 1015.9
Holdings 2 7th 5 11 11 9 11 12 14th 11 10 13

 * Short fiscal year from April to December: In 2012 the fiscal year was changed to the calendar year

Stock and bond

In June 2008 the Mutares share was listed for the first time in the Open Market of the Frankfurt Stock Exchange under the symbol MUX . In 2014, the share switched to the Entry Standard and has been listed in the Scale segment since 2017. In October 2015, the share capital of the stock corporation was increased to around EUR 15.4 million through the placement of 1.4 million new shares.

Since 2018, the shares in the company have been in the form of registered shares . 29% of the shares are owned by Mutares managing director Robin Laik, 11% are held by other members of the management and 2% by Mutares SE & Co. KGaA itself. 58% of the shares are in free float .

In 2020, Mutares placed a floating rate bond in the amount of EUR 50 million with a term until 2024, which is listed on the Frankfurt and Oslo stock exchanges. The proceeds from the issue will, among other things, enable add-on acquisitions for portfolio companies.

Business activity

Mutares acquires low-income individual companies as well as parts of companies that no longer belong to the core business of a group and are therefore separated or where a sale makes sense in the course of corporate succession. The company employs a transaction team whose M&A experts identify candidates for new acquisitions. Mutares is currently aiming to acquire medium-sized companies with headquarters in Europe and annual sales between 50 and 500 million euros.

According to its own information, Mutares holds these acquisitions in its portfolio on average for around five years. The companies are to be made profitable again through restructuring measures, investments and strategic new affiliations (add-ons) in the sense of a buy-and-build strategy. The company's operational team sends a group of specialists to each portfolio company to provide them with advice and active support during the restructuring. The consulting fees invoiced for this are the third main source of income for Mutares, alongside the proceeds from the sale of restructured companies and the dividends distributed by profitable portfolio companies.

Holdings

Mutares' portfolio companies operate in a variety of industries around the world. The company groups its holdings into the segments Automotive & Mobility, Engineering & Technology and Goods & Services. The composition of the portfolio changes regularly as a result of new acquisitions and sales. Currently (May 2020) there are thirteen companies and corporate groups in the Group's portfolio.

Automotive & Mobility segment

Elastomer Solutions Group

The Elastomer Solutions Group develops and produces rubber and plastic components for the automotive industry ( Tier 1 and Tier 2 ). The products include cable sleeves in a wide variety of shapes, with which wires and electronics in various areas of the vehicle body are protected from dust, moisture and mechanical influences, pedal covers and other molded components for cars and trucks. The head office of the group is in Wiesbaum ; Production sites are operated in Slovakia, Portugal, Morocco and Mexico.

Elastomer Solutions was sold by the Diehl Group to Mutares in August 2009 and has since been expanded to include locations in Morocco and Mexico.

The group employed around 470 people in 2019 and had a turnover of around 36 million euros.

STS Group

The STS Group is a provider of solutions for sound and heat insulation in the engine and interior as well as interior and exterior trim parts for commercial vehicles and passenger cars with headquarters in Hallbergmoos . The group of companies emerged from the Italian commercial and light vehicle business of the Swiss automotive supplier Autoneum , which was sold to Mutares in July 2013 , and which was gradually expanded into the globally active STS Group through add-on acquisitions . After going public in 2018, Mutares was the majority shareholder with 60%.

In 2019, the group employed around 2,450 people and generated sales of 360 million euros.

Plati Group

The Plati Group develops and produces wire harnesses , special cables and connectors for electronic applications in the automotive and consumer goods industries as well as in the health and telecommunications industries. The company is headquartered in Madone , Italy, and operates two production sites in Poland and Ukraine.

Mutares holds 80% of the shares in Plati ; these were taken over by the Chinese Deren Group in 2019 .

In 2019 the Plati Group employed around 700 people and had a turnover of around 30 million euros.

Kico Group

The Kico Group is a German tier-one automotive supplier with headquarters in Halver . Among other things, locking and hinge systems, connecting elements and mechatronic systems (e.g. electric seat back adjustments, drives and closing aids for tailgates) and active aerodynamic systems (electrically adjustable flaps that optimize the aerodynamic properties of the vehicle depending on the driving situation) for passenger cars are manufactured . The group operates two production sites in Poland and Mexico.

The company previously run as Kirchhoff GmbH & Co KG has been part of the Mutares Holding since 2019.

Kiko had around 800 employees in 2019 and generated sales of 90 million euros.

PrimoTecs

PrimoTecs is a manufacturer of components for electric, hybrid and conventional drives; Customers are the automobile and truck industries as well as related sectors. The system supplier is headquartered in Villar Perosa and operates two production sites in northern Italy.

The company was acquired by the Tekfor Group in 2020 .

PrimoTecs employed around 670 people in 2019 and generated sales of around EUR 120 million.

Engineering & Technology segment

Eupec

Eupec is a provider of pipeline coatings (corrosion protection, thermal insulation and concrete sheathing for weighting submerged pipelines) with headquarters in Gravelines and two coating plants in northern France. Customers include global oil and gas companies; Among other things, from 2009 to 2011 Eupec supplied concrete coatings for the pipelines of the Nord Stream I project.

Eupec was sold to Mutares in January 2012 by the Indonesian Korindo Group. In 2016, Mutares sold the group's German subsidiary, which operates a pipe coating plant in Mukran on Rügen, to the Malaysian Wasco Group.

In 2019 , Eupec had a turnover of around 14 million euros with around 70 employees.

Balcke-Dürr Group

Balcke-Dürr is a manufacturer of power plant components (primarily heat exchangers ) and filter systems for flue gas cleaning. The company has production facilities in Germany, Italy and China as well as service, development and sales centers in Germany, Italy, India and France; the company headquarters are in Düsseldorf .

Mutares acquired Balcke-Dürr from the American SPX Corporation in December 2016 and expanded it through several add-on acquisitions. At the end of 2019, La Meusienne , another portfolio company of the Mutares Group, was integrated into the Balcke-Dürr Group . The French manufacturer of stainless steel tubes was taken over by the international Aperam Group in 2017 as Aperam Stainless Services & Solutions Tubes Europe . In April 2020, the Polish division of Balcke-Dürr Polska was sold to the Wallstein Group .

In 2019, the group employed around 650 people and generated sales of 165 million euros.

Donges Group

The Donges Group , headquartered in Darmstadt, includes Donges SteelTec GmbH , a German steel construction and bridge construction company, the Kalzip Group , a manufacturer of aluminum roof and facade systems, Normek Oy , a company for structural steel construction and facade solutions in Northern Europe, and FDT FlachdachTechnologie , a manufacturer of flat roof systems. In 2019, the French manufacturer of wood paneling and flooring Norsilk SAS , until then an independent portfolio company of the Mutares Group, was integrated into the Donges Group . The combined product portfolio of the companies in the group includes steel structures, roof and facade solutions as well as wood products for building cladding. The group has locations in Germany, France, Spain, Italy, England, Finland, Sweden, Singapore, India and Dubai.

Reference projects include the expansion of the VÖEST bridge in Linz, the launch table for the Ariane 6 rocket for ESA , the roof renovation of the Wembley Stadium in London and the partial construction of the logistics and ferry terminal in Lübeck .

Mutares acquired the group's core company, the Darmstadt-based bridge and building construction specialist Donges SteelTec , from the Japanese power plant manufacturer Mitsubishi Hitachi Power Systems Europe in 2017 . The strategic add-ons took place in October 2018 ( Kalzip Group from Tata Steel Europe ), in February 2019 ( Normek Oy from Intera Fund I Ky and from private shareholders) and in March 2019 ( FDT from a private person). Norsilk was taken over by the Finnish Metsä Group in 2015 . In 2019, the Donges Group acquired the Ruukki Building Systems division , a Finnish manufacturer of steel and concrete frame structures, from the SSAB subsidiary Ruukki Construction ; the acquisition was completed in April 2020.

In 2019, the group employed around 800 people and generated sales of 365 million euros.

Gemini Rail Group

The British Gemini Rail Group consists of Gemini Rail Services UK and Gemini Rail Technology UK and specializes in the modernization and maintenance, retrofitting and wheel set overhaul of rail vehicles. Under the GemEco brand , the company develops technologies for converting rail vehicles to hybrid drive systems . The group has three locations in the UK in Birmingham , Wolverton and Glasgow .

The Gemini Rail Group was formed in 2018 from the companies Knorr-Bremse Rail Services UK and Kiepe Electric UK ; both had been sold by Knorr-Bremse to Mutares.

In 2019, the company generated sales of around EUR 80 million with around 260 employees.

Goods & Services segment

Cenpa

Cenpa is a manufacturer of core board made from recovered paper and fresh cellulose for the European packaging and hygiene market. The company has been based in Schweighouse-sur-Moder, Alsace, since 1893 .

Cenpa was sold to Mutares in 2016 as Sonoco Paper France by the American Sonoco Products Company .

In 2019, the company employed around 85 people and had a turnover of around 27 million euros.

keeeper Group

The keeeper Group , headquartered in Stemwede, is a supplier of household products made of plastic and (since 2020) paper. The group has production sites in Stemwede (Germany) and Bydgoszcz (Poland). The Stotzheim location was added to the group in 2020 through the acquisition of the Finnish Metsä Tissue Corporation . The paper mill there produces paper napkins.

The keeeper Group was sold by Wrede Industrieholding to Mutares in June 2019 .

In 2019, the group employed over 680 people and had a turnover of around 100 million euros.

TréfilUnion

TréfilUnion is a French manufacturer of steel wire and strands with two locations in France. The company's headquarters are in Commercy , France.

TréfilUnion was a subsidiary of the steel group ArcelorMittal and has been part of the Mutares group since 2019.

In 2019, the company employed around 100 people and had a turnover of around 29 million euros.

Bexity Group

Bexity is an Austrian provider of transport, logistics and warehousing services for industrial customers in the food, pharmaceutical and consumer goods sectors. The service provider is headquartered in Vienna and operates a comprehensive network of locations in Austria.

The former subsidiary of ÖBB Holding has been part of Mutares since 2020.

In 2019, the company employed 600 people and had a turnover of around 210 million euros.

Bankruptcies and employee criticism

In the past few years, the following companies acquired by Mutares filed for bankruptcy:

Zanders GmbH

Zanders GmbH , which was taken over in 2015 , filed for bankruptcy in 2018 , and shortly afterwards the insolvent company was resold by Mutarescan Terje Haglund after the property had been sold.

Artmadis

According to the media, the management of the French table manufacturer had deceived the workforce and withdrew investment funds from the company, which led to bankruptcy.

Grosbill

The computer wholesaler GrosBill , which Mutares acquired from Auchan in 2015 , filed for bankruptcy a year later after it was resold to Luc Boccon-Gibod in 2017 .

Pixmania

The French e-commerce pioneer Pixmania , founded in 2001, was taken over by Mutares in 2013 and filed for bankruptcy in October 2015. In the course of this, French media such as Le Monde warned to be cautious about possible bankruptcy fraud.

Platinum

The Swabian manufacturer of inverters had to file for preliminary bankruptcy in 2014 after it had previously been taken over by Mutares.

Individual evidence

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  5. ↑ Arno Konkel: Mach et, Mutares! . In: Focus Money . No. 41, 2019.
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  7. ↑ a b c "We were record-breaking active" - ​​Interview with Mutares CEO. www.wallstreet-online.de, January 8, 2019, accessed on May 31, 2020 .
  8. ↑ Mutares seems to be doing everything right at Balcke-Dürr - add-on plus good numbers. www.nebenwerte-magazin.com, February 5, 2020, accessed on May 13, 2020 .
  9. ↑ Harriet Matthews: Mutares-backed Keeeper buys Metsä Tissue's German business. www.unquote.com, March 2, 2020, accessed on May 13, 2020 (English).
  10. ↑ Donges SteelTec takes over Kalzip. www.klempnerhandwerk.de, August 29, 2020, accessed on May 13, 2020 .
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  49. ↑ Case Study: Elastomer Solutions: Successful expansion of the production network along the existing customer base. www.entradagroup.com, accessed on May 7, 2020 .
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  51. ↑ Michael Schröder: Shareholder top tip. Mutares wants to bring daughter to the stock exchange: This is what the management board says about the IPO of the STS Group. www.deraktionaer.de, April 24, 2018, accessed on May 7, 2020 .
  52. ↑ Mutares after the STS-IPO: “In the medium term the advantages clearly outweigh the advantages”. www.deraktionaer.de, June 14, 2018, accessed on May 7, 2020 .
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  60. ^ Kiko Group. mutares.de, accessed on May 7, 2020 .
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  62. ↑ PrimoTecs. mutares.de, accessed on May 7, 2020 .
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  64. ↑ Eupec homepage. Retrieved May 7, 2020 .
  65. ↑ Maik Trettin: Mukraner Ummantelwerk will be reactivated in summer. www.ostsee-zeitung.de, February 16, 2017, accessed on May 7, 2020 .
  66. ↑ Eupec. mutares.de, accessed on May 7, 2020 .
  67. ↑ Homepage of the Balcke-Dürr Group. Retrieved May 7, 2020 .
  68. ↑ Mutares completes the takeover of Balcke-Dürr. mutares.de, December 30, 2016, accessed on May 7, 2020 .
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  74. ^ Balcke-Dürr Group. mutares.de, accessed on May 7, 2020 .
  75. ↑ Mutares subsidiary Donges Group continues to expand: Integration of Norsilk to further improve the product range and the sales network. mutares.de, June 18, 2019, accessed on May 7, 2020 .
  76. ↑ Homepage of the Donges Group. Retrieved May 7, 2020 .
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  78. ^ L'importateur de bois Metsä wood devient Norsilk. www.ouest-france.fr, November 13, 2015, accessed May 7, 2020 (French).
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  81. ↑ Homepage of the Gemini Rail Group. Retrieved May 7, 2020 .
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  85. ↑ The Schweighouse core board plant becomes Cenpa. www.euwid-papier.de, August 19, 2016, accessed on May 7, 2020 .
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  87. ↑ Homepage of the keeeper Group. Retrieved May 7, 2020 .
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  89. ↑ Wrede Industrieholding sold Keeeper to Mutares. www.euwid-holz.de, June 25, 2019, accessed on May 7, 2020 .
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  91. ↑ Tréfilunion homepage. Retrieved May 7, 2020 .
  92. ↑ Mutares holds the pace and completes acquisition of ArcelorMittal TrefilUnion SAS. mutares.de, June 3, 2019, accessed on May 7, 2020 .
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  94. ↑ Homepage of the Bexity Group. Retrieved May 7, 2020 .
  95. ↑ Logistics company BEXITY GmbH started as planned. oevz.com, January 2, 2020, accessed May 7, 2020 .
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