Mutares Lines Up Lapeyre Sale and Nordic Exit Study While Q3 Print Nears

Mutares has set the stage for a busy fourth quarter, pairing the planned disposal of French interiors maker Lapeyre with a strategic review that could take Nord Gas Solutions to a Nordic stock exchange. The holding company confirmed the exit study is being run alongside external financial advisers, with a listing in the Nordic region among the options on the table. No decision on a transaction, or on its shape, has yet been taken.

Underpinning that review is the performance of the gas subsidiary itself. Nord Gas Solutions turned over roughly EUR 459 million in the first nine months of 2026 and posted adjusted EBITDA of EUR 43 million. For the full year, management is guiding to revenue above EUR 575 million and adjusted EBITDA of about EUR 50 million, a forecast backed by an order backlog of EUR 880 million at the end of September. Whether the adviser talks lead to an actual placement will depend on how capital-market conditions develop.

The Lapeyre process is further along. Some two weeks ago Mutares received an irrevocable offer from an investment vehicle backed by Italian entrepreneurs for a majority stake in the French furniture and fittings manufacturer. Completion is earmarked for the fourth quarter of 2026, with Mutares retaining a minority holding and staying on to support the next phase of the turnaround.

Add-ons and a rescue in Sonneberg

Alongside the potential disposals, the group kept adding to its industrial base. Mutares closed the purchase of Steinmüller Engineering GmbH from Japan's IHI Corporation, installing the thermal process engineering specialist as a platform investment in its Energy & Technology segment. The business employs around 170 people and generated total output of close to EUR 100 million in its most recent financial year. Management intends to use the long-established firm to broaden the segment's technical range and complement existing activities.

Chemicals & Materials was strengthened as well, with Mutares completing the acquisition of Synthomer a.s. from Synthomer plc on 30 September to extend its footprint in the sector.

Restructuring work, meanwhile, cuts both ways. MoldTecs Germany GmbH, a vehicle set up for the purpose, took over the Sonneberg site of insolvent supplier Moldtecs through a transfer-of-business restructuring, safeguarding more than 200 jobs; the Bad Harzburg location is being wound down. At La Rochette Cartonboard, the parent had to dig deeper, waiving a further EUR 2.5 million of debt and injecting another EUR 1.3 million so the subsidiary could restart operations.

Shareholders look to 12 November

The next checkpoint for investors in the group, which carries a market value of EUR 635.32 million, is the third-quarter report scheduled for 12 November 2026. The nine-month figures should show how the recent acquisitions and restructuring charges have fed through to the interim accounts, and how much progress the turnaround cases have made.

The stock has been treading water of late. In the latest session it added 1.0% to EUR 25.15, building on the previous day's 0.8% gain to EUR 25.10. Since the start of the year, however, the shares are down 16%, a reminder that sentiment remains cautious even as the portfolio is reshaped.