Frankfurt-listed Mutares said it is mulling for a sale or a listing og Germany’s Magirus GmbH, a producer of fire-fighting vehicles and equipment that that acquired from Iveco in 2025 after a March 2024 announcement (press release). The asset’s production plants employees 180 persons (see here a previous post by BeBeez).
In late 2025, Mutares finalised the add-on of Achleitner Fahrzeugbau GmbH, an Austrian manufaturer of defence automotive with a turnover in the region of 55 million euros and created the Magirus Defense & Security unit.
The company’s order book is worth above 800 million euros while 1Q26 intake may push the 2026 expected turnover to 500 million (300 million in 2025).
In 1865, Conrad Dietrich Magirus, the inventor of the first two-wheeled ladder extensible to up to 14 metres, founded the company. Magirus operates in 150 countries and its production plants in Brixia (Italy), Ulm (Germany), Chambéry (France), and Premstätten (Austria) have 1400 workers.
Johannes Laumann, the chief investment officer of Mutares, said: “Magirus is a pearl of our portfolio. The firm has significant growth potential thanks to expansion in the defence sector, the strengthening of the after-sales division and a profitable increase in production, combined with the existing order book”.
In 2026, Mutares aims to fetch more than 230 million out of 2025 divestments. The fund already sold LiBCycle, Kalzip, inTime Group and ReloBus Transport Polska while it signed agreement for the disposal of Relobus and Conexus and an the MBO for Peugeot Motocycles cold close in 2Q26.
In January 2026, Mutares signed for the acquisition of the business engineering thermoplastics unit of SABIC for an enterprise value of 450 million US Dollars. In April 2026, the firm completed a capital increase of a 105 million euros gross value and 80% of such proceeds will finance the fund expansion in USA. In 2026, Mutares expects revenues of 7.9 – 9.1 billion euros and net profits of 165 – 200 million.
However, on another hand Mutares broken a net debt to equity covenant and achieved an exemption from the creditors of the Nordic bonds. The firm aims to reduce its bond debt from the current 385 million to 250 – 300 million by the end of 2026, with buybacks of at least 25 million per quarter starting from the 2Q26.
