Mutares Clinches Lapeyre Control Sale, Keeps Minority Stake as Sonneberg Rescue Saves 200 Jobs

Mutares has an irrevocable offer for a controlling stake in Lapeyre, completed a Czech acquisition, agreed a German deal and bought back EUR 10.4 million of its bond.

Mutares has secured an irrevocable offer for the sale of a controlling stake in its French portfolio company Lapeyre, capping a busy stretch in which the Munich-based turnaround investor also completed an acquisition in the Czech Republic, agreed a German engineering deal and bought back part of its outstanding bond.

The bid for the Lapeyre majority comes from an investment vehicle backed by Italian entrepreneurs. Rather than exiting outright, Mutares intends to stay on as a minority shareholder, a structure that lets it keep accompanying the French business through its ongoing turnaround while handing operational control — and the bulk of the risk — to the new majority owner. Closing is pencilled in for the fourth quarter of 2026. The move is a textbook step for the restructuring specialist, which frequently retains a residual stake to capture future value gains after offloading day-to-day responsibility.

Word of the Lapeyre reorganisation had already given the stock a lift earlier in the week. By Friday's close, Mutares shares were up 2.0% at EUR 25.15.

A Rescue in Thuringia, a Wind-Down in Lower Saxony

Separately, developments at portfolio company Moldtecs moved into focus. The insolvent automotive supplier is continuing operations at its Sonneberg site in Thuringia through a transfer company, a so-called Auffanggesellschaft. The carve-out took effect on 1 October, with the newly formed Moldtecs Germany GmbH running the plant and preserving manufacturing jobs for more than 200 employees. No such future is in sight for the second site in Bad Harzburg, Lower Saxony, where closure is scheduled by March 2027.

Two Additions in Two Days

While the automotive restructuring played out, Mutares kept expanding elsewhere. On 30 September it wrapped up the purchase of the Czech operations of Synthomer a.s. from Britain's Synthomer plc. The acquired acrylic acid and ester activities, which generated carve-out revenue of roughly EUR 110 million in 2025 and employ about 300 people, were assigned to the Chemicals & Materials segment.

A day earlier, the group agreed to acquire Steinmüller Engineering GmbH from Japan's IHI Corporation. The long-established engineering firm posted total output of nearly EUR 100 million in its most recent financial year. Subject to the usual regulatory approvals, that transaction is expected to close in the fourth quarter of 2026.

The two deals sit alongside a steady stream of portfolio housekeeping. Mutares announced the sale of Prénatal Netherlands about two weeks ago and parted with its stake in Cimos roughly three weeks before that — evidence of the brisk pace at which the company reshuffles and divests its holdings.

Bond Buyback Trims 2027 Paper

On the financing side, management put liquid funds to work cutting debt. Mutares accepted in full the repurchase offers for its existing Nordic Bond, taking in a nominal volume of EUR 10.4 million. That reduced the outstanding amount of the bond to around EUR 222 million. A comprehensive refinancing of the instrument is targeted for the second half of the fourth quarter of 2026. The company had earmarked a volume of up to EUR 25 million for the buyback step, using available cash to retire outstanding liabilities ahead of schedule.

Investors will get their next look at the wider group's performance next month. Mutares is due to publish its quarterly statement for the third quarter of 2026 on 12 November. Following the recent portfolio moves, the market values the turnaround investor at a market capitalisation of EUR 635.32 million.