Mutares Acquires Czech Synthomer Unit to Strengthen Chemicals Platform Amid Broader Deal Spree
20.06.2026 - 03:13:36 | boerse-global.de
The Munich-based holding company is quietly assembling a chemicals empire, and the latest piece went live on Friday. Mutares signed an agreement to buy Synthomer a.s., a Czech producer of acrylate solutions based in Sokolov, from British parent Synthomer plc. The carve-out brings roughly 300 employees and annual sales of about €110 million into the Mutares fold, with no upfront payment due at closing.
Instead, the deal includes a cash-sharing component of up to €12 million spread over three years — a structure typical of Mutares' turnarounds. CIO Johannes Laumann described the target as a "high-quality industrial business in a transformation phase," exactly the sort of fixer-upper the company specialises in. The transaction is expected to close by the end of the third quarter of 2026.
The Synthomer acquisition is not an isolated event but a brick in a far larger wall. Mutares is building a new "Chemicals & Materials" segment, and the Czech unit joins a pipeline that includes the biggest acquisition in the firm's history: the planned purchase of SABIC's engineering thermoplastics business, which generates around $2.5 billion in annual revenue across eight production sites. That megadeal alone would dwarf anything Mutares has done before.
In the meantime, the deal machine has been running hot. During the first quarter of 2026, Mutares closed three acquisitions and six exits. For the second quarter, management has pencilled in three more signings and four closings. Among the recent additions is the completed takeover of Wärtsilä's gas business, which posted roughly €394 million in sales in 2025 and supplies systems for cargo handling, reliquefaction and biogas — placing Mutares squarely in the energy transition infrastructure space.
Should investors sell immediately? Or is it worth buying Mutares?
Investors have taken note. Shares jumped 3.51% on Friday to €29.50, bringing the 30-day gain to nearly 10%. Technically, the stock sits comfortably above its 50-day moving average of €26.70, and the relative strength index of 64.7 points to upward momentum without being overbought. Warburg Research retains a "Buy" rating with a price target of €41.00, implying roughly 39% upside from current levels. Still, on a 12-month view the stock remains about 12% in the red, and the 52-week high of €36.75 is still almost 20% away.
That gap highlights the risks lurking behind the recovery story. Mutares' holding company posted a net loss of €0.9 million in the first quarter of 2026 — a sharp reversal from the prior-year period. The business model is structurally dependent on exit proceeds to generate profits, and if transactions slip or the harvesting cycle stalls, the full-year guidance of €165 million to €200 million in holding net profit could come under pressure. Moreover, a covenant condition in the company's bond terms was not met in fiscal 2025 — specifically the ratio of consolidated net debt to consolidated equity. The issue has been acknowledged and addressed, but it remains a residual risk until the end of June.
To bolster its balance sheet and fuel expansion, Mutares completed a €105 million gross equity raise in April 2026, with proceeds earmarked for a US push. Beyond an existing Chicago office, a second US location is planned, and the current transaction pipeline there includes acquisition opportunities with an aggregate revenue volume of around €4.8 billion. By 2030, management targets annual consolidated revenue growth of at least 25%, and the previously stated goal of €10 billion in group sales by 2028 is now expected to be reached "significantly earlier." For the current year, the forecast calls for €7.9 billion to €9.1 billion in group revenue.
Mutares at a turning point? This analysis reveals what investors need to know now.
Exit revenues, the lifeblood of the model, are expected to come in "comfortably above" the prior year's level of roughly €230 million. That is an expectation, not a result — and with quarterly volatility of around 24%, investors are effectively betting on execution. The strategic logic is compelling: a deep exit pipeline, the largest acquisition in company history, and a US offensive backed by real deal flow. At €29.50, the stock has room to run. But the holding loss, the covenant overhang, and a growth strategy that relies on functioning capital markets mean this is not a story for the faint-hearted. It is a bet on a management team that has so far delivered — and that makes all the difference.
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