Mutares Wraps Synthomer Carve-Out, Signs Steinmüller Deal as Bond Refinancing Nears

Mutares finalized the Synthomer a.s. carve-out, signed a deal for Steinmüller Engineering, and cut its Nordic bond to about EUR 222 million.

Mutares closed out a busy week on two fronts, completing one acquisition, putting another under contract, and finishing a debt buyback that trims its outstanding bond ahead of a larger refinancing later this year.

The Munich-based holding company finalized its purchase of Synthomer a.s. from Synthomer plc on Wednesday, taking over the Czech-based producer and supplier of acrylate solutions through a carve-out transaction. The business generated carve-out revenue of roughly EUR 110 million in fiscal 2025 and employed around 300 people.

A day earlier, Mutares signed an agreement to acquire Steinmüller Engineering GmbH from seller IHI Corporation. That share deal remains subject to customary closing conditions, with completion targeted for the fourth quarter. The addition brings an industrial plant engineering specialist into the group's portfolio.

Bond Buyback Shrinks Nordic Bond to EUR 222 Million

On the financing side, Mutares wrapped up its tender offer for the existing Nordic Bond 2023/2027, accepting in full notes with a nominal value of EUR 10.4 million. Settlement was scheduled for Friday. The move reduced the nominal amount still held by investors to approximately EUR 222 million.

Refinancing of the remaining bond is planned for the second half of the fourth quarter. By cutting the outstanding volume first, the management board has cleared the decks for the next step, lowering the interest burden and setting the stage for how the liabilities will be structured going forward. The terms at which the follow-on financing can be placed now become the key question for investors.

Portfolio Reshaping Continues

The two new additions extend a stretch of deal-making that has already reshaped the portfolio in recent weeks. About a month ago, Mutares completed the sale of the NEM Energy Group, following the acquisition of a SABIC division more than a month earlier. Roughly two weeks ago, the company also parted ways with automotive supplier Cimos.

Quarterly Report Due November 12

More detail on the operating performance of the holdings will arrive on November 12, when Mutares publishes its third-quarter report. Investors are likely to focus on how much progress the company has made in developing its portfolio companies and what the coming refinancing means for its balance sheet profile.

Shares of Mutares finished Friday at EUR 24.65, a gain of 1.9 percent on the day. Since the start of the year, the stock is still down 18 percent.

With the acquisitions signed and the financing steps mapped out, the company's priorities for the rest of the year are now clearly defined. Whether those initiatives can give the share price sustained momentum will depend largely on how quickly the operational and balance-sheet measures are executed in the months ahead.