EQS-News: Ninth acquisition in 2023: Mutares has submitted an irrevocable proposal for a majority investment in Sofinter (currently participated by Gammon Group)

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 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, 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."

Company profile of Mutares SE Co. KGaA

Mutares SE Co. KGaA, Munich (www.Mutares.com), as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the fiscal year 2023, consolidated revenues of EUR 4.8 billion to EUR 5.4 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. Accordingly, a net income in the holding company in the range of EUR 125 million to EUR 150 million is expected for the fiscal year 2025. The Management Board and Supervisory Board together hold more than one third of all Mutares shares with voting rights. The shares of Mutares SE Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650).

For more information, please contact:

Mutares SE Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
E-mail: [email protected]
www.mutares.de

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