Press release $MUX (+1,41 %) from 23.06.2025
- Terranor Group AB (publ) aims to be listed on the Nasdaq First North Growth Market in Stockholm in June 2025
- One of the leading providers of operation and maintenance services with revenues of approximately EUR 285 million (SEK 3,147 million) in 2024
- Successful turnaround strategy of Mutares since the foundation of Terranor Group AB (publ) as an independent company in 2020/2021
- Mutares remains a committed majority shareholder
Munich, June 23, 2025 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) is considering a listing of its portfolio company Terranor Group AB (publ) ("Terranor") through a public offering on the Nasdaq First North Growth Market ("Nasdaq First North") in Stockholm. Trading is expected to commence at the end of June 2025.
Terranor was acquired as a spin-off of NCC's road maintenance activities in Sweden and Finland in 2020 and in Denmark in 2021. The company is today one of the leading providers of operations and maintenance for state and municipal roads in these countries with revenues of approximately EUR 285 million (SEK 3,147 million) in 2024.
During Mutares' ownership, Terranor has expanded its market share through its tendering strategy and is today well positioned in the Nordic region with a number of state, municipal and, to a limited extent, private road operation and maintenance contracts.
An IPO would provide an investment opportunity for institutional and private investors to tap into this market, which is driven by an underlying increase in spending as a result of the focus on maintenance deficits at the state level.
Johannes Laumann, CIO of Mutares, comments: "We are excited to embark on the IPO journey of Terranor, a company that provides services critical to societal infrastructure. This contemplated IPO of Terranor represents a fantastic success for the buy-and-build approach and value creation strategy. Mutares will remain the majority shareholder after the IPO."
