Fifth exit in 2023: Mutares has signed an agreement to sell Special Melted Products to Cogne Acciai Speciali for an enterprise value of approximately EUR 180 million

• Expected fifth exit in the current year
• Transaction expected to close in Q2 2023
• Cogne Acciai Speciali to strengthen its market position with SMP business
• Successful implementation of full-scope turnaround in very short period
• Transaction will mark significant exit for Mutares starting to harvest the growth path of the last 3 years
• Net proceeds of up to EUR 150 million expected

Munich, 5 May 2023 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to sell its portfolio company Special Melted Products Ltd. (SMP) to Cogne Acciai Speciali S.p.A. (CAS). The closing of the transaction, subject to merger controls and National Security and Investment Act (NSIA) approval, is expected in the second quarter of 2023. Taking into account deductible items, variable compensation and transaction costs, the company expects an inflow in the three-digit million range of up to EUR 150 million.

Based in Sheffield, UK, SMP is a leading manufacturer of premium, specialty steels and nickel-based Super Alloys used in critical applications in the Aerospace, Oil & Gas and Nuclear industries. After the acquisition from Allegheny Technologies Incorporated (ATI), the company’s local management, together with the Mutares team, successfully implemented a full scope of turnaround measures, including cost and working capital optimization programs, manufacturing and system improvements as well as further product diversification and business development actions. In less than one year these measures led to significant growth in both revenue and profitability and put SMP today at an enterprise value of approx. EUR 180 million.

Cogne Acciai Speciali is a leading global supplier of stainless steel long products and nickel alloys. Through the acquisition of SMP, the Company intends to further develop its position in SMP’s specific business sectors, fostering further growth to position itself as a key European player in top-end stainless steel long products.

Johannes Laumann, CIO of Mutares, comments: “I could not be happier today to announce the exit of SMP. With our entrepreneurial approach, we were able to transform SMP successfully in a very short period of time and now hand over the company to the best new owner, who will further give SMP new growth impetus after returning it to a sustainable growth path. The final sale will mark the most successful exit in our history. We are delivering as promised.”

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Stockholm, Vienna and Warsaw, acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the financial year 2023, consolidated revenues of EUR 4.8 billion to EUR 5.4 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. Accordingly, a net income in the holding company in the range of EUR 125 million to EUR 150 million is expected for the financial year 2025. The Management Board and Supervisory Board together hold more than one third of all Mutares shares with voting rights. The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650).

For more information, please contact:

Mutares SE & Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
E-mail: ir@mutares.de
www.mutares.de

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