Mutares Weighs Nordic Listing for Nord Gas Solutions as Lapeyre Exit Takes Shape
Published on 10/14/2026 at 14:12 | Editorial boerse-global.de
Mutares is lining up two very different portfolio moves at once: a possible stock market debut for its fast-growing Nord Gas Solutions unit, and a firm offer to hand over control of France's Lapeyre Group. Together they sketch a holding company that is simultaneously nurturing a star performer and shedding businesses it no longer wants to own.
On the disposal side, the Munich-based group said it received an irrevocable offer on 5 October from an investment vehicle backed by Italian entrepreneurs for a controlling stake in Lapeyre Group. The French joinery manufacturer, which operates production sites in France, posted revenue of roughly EUR 475 million last year. Completion is targeted for the fourth quarter of 2026 and hinges on the usual consultation with employee representatives. Press reports suggest Mutares will likely retain a minority holding, marking a further retreat from the trading business.
That divestment slots into a broader plan to gradually hand off operating units once they have been turned around, freeing up tied-up capital and sharpening the group's profile.
A record order book at Nord Gas Solutions
At the other end of the portfolio sits Nord Gas Solutions, where the picture is one of rapid expansion. The subsidiary closed September 2026 with a record order backlog of EUR 880 million, and Mutares is now reviewing strategic exit options for the business — including a listing on a Nordic exchange. Investors welcomed the news, pushing the Mutares share up 3.3% to EUR 25.10.
The operational momentum is hard to miss. Revenue across the first nine months of 2026 climbed to about EUR 459 million, up from EUR 283 million a year earlier. Adjusted EBITDA more than doubled over the same stretch, rising from EUR 20 million to EUR 43 million.
Should investors sell immediately? Or is it worth buying Mutares?
Management expects full-year 2026 revenue to exceed EUR 575 million, with adjusted EBITDA of around EUR 50 million. Supporting that outlook is a project pipeline valued at EUR 1.8 billion as of 30 September 2026, on top of revenue already booked.
Rare visibility into 2027
Few industrial businesses can claim the kind of forward cover Nord Gas Solutions enjoys. Roughly 92% of its targeted 2027 revenue is already secured through firm orders. Leadership is aiming for double-digit top-line growth next year alongside a double-digit adjusted EBITDA margin.
Further out, the company is chasing annual revenue above EUR 800 million and adjusted EBITDA of more than EUR 100 million. Its balance sheet looks equally sturdy: at the end of the third quarter, total assets stood at EUR 493 million, cash and cash equivalents at EUR 194 million, and net cash at EUR 84 million. According to the company, it carries no financial debt.
Bond buyback trims interest burden
While those portfolio decisions play out, Mutares has been reworking its financing. Roughly two weeks ago it launched a partial repurchase offer for its Nordic bond maturing in 2027, accepting tenders with a nominal value of EUR 10.4 million. Combined with a tranche repurchased in June, buybacks this year total EUR 28 million, cutting the nominal amount held by investors to about EUR 222 million. Refinancing of the remaining liabilities is slated for the fourth quarter.
Lightening the interest load gives the company more room for future acquisitions. Market participants see an orderly follow-on financing as a key precondition for the group's continued development.
November brings two key dates
The stock closed yesterday at EUR 24.30, leaving it 4.3% above its 52-week low but down 19% since the start of the year. November should bring more clarity: Mutares reports third-quarter 2026 results on 12 November 2026, followed by an Investor Day in London on 19 November 2026, where management is expected to offer insight into operating performance.
As for a Nord Gas Solutions exit, no final decision has been made on the form or timing of any disposal or partial placement.
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