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RNS - Mutares intends to float its portfolio company Terranor Group AB (publ) on Nasdaq First North Growth Market in Stockholm - Attachment: 23250622_Project_Aura_PR_MUX_EN.pdf

Company: Mutares SE & Co. KGaA Date: 2025-06-23 Language: English Register to download
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*NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL*.

# **Mutares intends to float its portfolio company Terranor Group AB (publ) on Nasdaq First North Growth Market in Stockholm**

- Aims for a listing of Terranor Group AB (publ) on Nasdaq First North Growth Market in Stockholm in June 2025
- One of the leading providers of operations and maintenance services with revenues of approx. EUR 285 million (SEK 3,147 million) in 2024
- Successful turnaround strategy implemented by Mutares since Terranor Group AB (publ)'s inception as a stand-alone entity in 2020/2021
- Mutares remains a committed majority shareholder

**Munich, June 23, 2025** – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) is contemplating a listing of its portfolio company Terranor Group AB (publ) ("Terranor") through a public offering on Nasdaq First North Growth Market ("Nasdaq First North") in Stockholm. Trading is expected to start at the end of June 2025.

Terranor was acquired as a carve-out of NCC's road maintenance operations in Sweden and Finland in 2020 and Denmark in 2021. The company is today one of the leading providers of operations and maintenance (O&M) for state and municipal roads in these countries, with revenues of approx. EUR 285 million (SEK 3,147 million) in 2024.

During Mutares' ownership, Terranor has developed its market share through its tender strategy and is today well positioned in the Nordic region with a range of state, municipal and, to a limited extent, private contracts within road operation and maintenance services.

An IPO would provide an investment opportunity for institutional and retail investors to tap into this market, 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 explore the IPO track for Terranor, a company offering services critical to societal infrastructure. This contemplated listing of Terranor marks a fantastic success for the buy-and-build approach and value creation strategy. Mutares would remain the majority shareholder following the offering."

## **Company profile of Mutares SE & Co. KGaA**

Mutares SE & Co. KGaA, Munich (www.mutares.com), a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquires companies in special situations which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process.

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.com

### **Press Contact in Germany**

CROSS ALLIANCE communication GmbH Susan Hoffmeister Phone: +49 89 125 09 0333 E-mail: sh@crossalliance.de www.crossalliance.de

### **Press Contact in France**

CLAI Matthieu Meunier Phone: +33 06 26 59 49 05 E-mail: matthieu.meunier@clai2.com

## **Press Contact in UK**

14:46 Consulting Tom Sutton Phone: +44 7796 474940 E-mail: tsutton@1446.co.uk

#### **IMPORTANT INFORMATION**

This announcement is not and does not form a part of any offer for sale of securities.

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, New Zealand, South Africa or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Copies of this press release are not being, and should not be, distributed in or sent into the United States.

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the "**Prospectus Regulation**"). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In any EEA Member State other than Sweden, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "**Order**") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "**Relevant Persons**"). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forwardlooking statements are statements regarding the company's business strategy, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue", "should", "target", "predict", "guideline" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.