Mutares Shrinks Its 2027 Bond to EUR 222 Million as Deal Engine Keeps Running

Mutares repurchased EUR 10.4 million of its 2023/2027 Nordic bond, cutting outstanding notes to about EUR 222 million ahead of a full refinancing planned for late Q4.

Munich-based holding company Mutares has wrapped up the voluntary buyback of its floating-rate 2023/2027 Nordic bond, taking out notes with a nominal value of EUR 10.4 million. The offer, initially capped at up to EUR 25 million at par plus accrued interest, was accepted in full at the tendered amount, and settlement was scheduled for the previous Friday.

With that transaction complete, the nominal volume of the bond still held by outside investors has fallen to roughly EUR 222 million. Mutares has said it will refinance the instrument in full during the second half of the fourth quarter, using the partial repurchase as a way to shrink the outstanding amount before approaching the market. The move also trims the company's interest burden and gives the board a cleaner starting point for the next step — leaving investors to weigh what terms the follow-up financing can command.

Acquisitions on the industrial side

While the liability side was being tidied up, the portfolio itself kept expanding. On Wednesday, Mutares completed the carve-out acquisition of Czech-based Synthomer a.s. from UK chemicals group Synthomer plc. The acquired business posted carve-out revenue of about EUR 110 million in its 2025 financial year and employs roughly 300 people, adding weight to the Chemicals & Materials segment.

Two days earlier, on Tuesday, the company signed an agreement to buy Steinmüller Engineering GmbH from Japan's IHI Corporation. The engineering firm, a specialist in industrial plant technology, reported total output of nearly EUR 100 million in its most recent fiscal year. The share deal is subject to customary closing conditions and is targeted for completion in the fourth quarter of 2026.

These additions follow a string of transactions in recent weeks. Roughly a month ago, Mutares closed the sale of the NEM Energy Group, after having acquired a division of SABIC more than a month before that.

Exits put management in the driver's seat

Divestments have moved just as briskly. On 23 September, Mutares completed the sale of Prénatal Netherlands to its managing director, Jochem van Bueren, shedding 34 stores and around EUR 80 million in annual revenue. About two weeks earlier, the group had already parted with automotive supplier Cimos, which generated roughly EUR 120 million in revenue.

Detailed insight into operating performance will arrive on 12 November, when Mutares publishes its third-quarter report.

On Friday, the stock ended the session at EUR 24.65. Year to date, the shares are down 18 percent, leaving a market capitalization of EUR 634.04 million. For the closing quarter of 2026, attention now centers on the pricing of the upcoming bond refinancing and on the upcoming earnings figures, both of which look set to shape how the stock trades from here.