Mutares SE & Co. KGaA $MUX (-0.25%) has signed an agreement to sell its portfolio company Conexus S.p.A. ("Conexus") to ATS - Advance Technologies System S.r.l., a wholly owned subsidiary of Maximum Return System Group (www.maxrs.group), a private equity investment group specializing in structured co-investments with the aim of value enhancement and return on capital.
The transaction is expected to close in the first quarter of 2026, subject to customary conditions, including approval under the Italian Golden Power regime.
Conexus was acquired in 2022 as Sirti Energia S.p.A. and is an established provider for the design, construction and maintenance of overhead and underground cable infrastructure for electricity transmission and distribution in Italy. With over 250 employees, 10 locations in Italy, a turnover of EUR 104 million and an EBITDA of EUR 8 million in 2024, Conexus has further developed its business with an integrated approach to electricity grid management that combines technical know-how, engineering expertise and consideration of environmental and social sustainability.
Since its acquisition by Mutares, Conexus has achieved a decisive operational turnaround and reached important milestones in its transformation.
The company has successfully expanded into the fast-growing data center and private connectivity markets, where it has a unique track record and is currently implementing a highly attractive project pipeline. As a result, sales increased significantly and the company returned to clearly positive operating results.
Conexus has long-standing customer relationships in the low voltage, high voltage and data center sectors, giving it a solid foundation for further growth under its new ownership.
Johannes Laumann, CIO of Mutares, comments: "We are very pleased with the impressive success we have achieved through our investment in Conexus, which creates value for all stakeholders. With this transaction we have successfully realized our communicated exit targets. We are firmly convinced that Conexus will further accelerate its growth in this highly attractive industry under its new ownership."