Mutares has signed a term sheet for the sale of Natura sp. z o.o. to Grupa Specjał

• Term sheet sets out the key terms for the sale of Poland’s No. 3 drugstore chain to one of the country’s largest FMCG wholesale and retail groups
• Comprehensive transformation programme implemented since the acquisition at the end of 2024; transaction in line with Mutares’ retail exit strategy
• Signing and closing targeted for Q4 2026, subject to merger clearance by the Polish competition authority (UOKiK)

Munich, October 20, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed a term sheet with Grupa Kapitałowa Specjał (“Specjał”), setting out the key terms and conditions for the sale of its portfolio company Natura sp. z o.o. (“Natura”). The parties intend to sign the share purchase agreement and complete the transaction in the fourth quarter of 2026. Closing will be subject to merger clearance by the President of the Polish Office of Competition and Consumer Protection (UOKiK) and other customary closing conditions.

Natura serves customers nationwide through its 190+ store network and growing e-commerce platform. Its assortment covers fragrances, make-up, face and body care, hygiene and hair care, combining leading international brands with Natura’s own private-label products. 

Since the acquisition at the end of 2024, Mutares has implemented a comprehensive transformation programme at Natura. Key measures included the completion of the complex carve-out, the adjustment of the logistics model and the closure or relocation of unprofitable stores, while strengthening the management team.

Specjał, headquartered in Rzeszów, is one of Poland’s largest FMCG wholesale and retail groups. The group operates and supplies an extensive network of affiliated stores under banners including Nasz Sklep, Livio, Rabat Detal and SPAR, and generated revenues of approximately PLN 4.6 billion in 2025. Under Specjał’s ownership, Natura is expected to benefit from the group’s purchasing scale, logistics infrastructure and nationwide retail footprint.

The planned divestment marks a further step in executing Mutares’ portfolio strategy to reduce its exposure to the Retail segment.

Johannes Laumann, CIO of Mutares, comments: “With the carve-out completed and the store network restructured, Natura today operates as a stand-alone retailer with a clear path towards profitability. In Specjał, the company gains an owner with deep expertise in the Polish retail market, significant scale and strong synergy potential to support its next phase of development. The signing of the term sheet is an important step towards completing the transaction before year-end.”
 

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Tokyo, Warsaw, and Vienna, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company follows a sustainable minimum dividend policy.

The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650) and are included in the SDAX selection index.
 

For more information, please contact:

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

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