Mutares has completed the sale of NEM Energy Group to Hyundai Heavy Industries Power Systems (“HPS”)

Mutares has completed the sale of NEM Energy Group to Hyundai Heavy Industries Power Systems (“HPS”)

• NEM Energy Group is a leading global OEM supplier of heat transfer technology
• Mutares has successfully repositioned NEM into an independent and profitable platform after a complex carve-out in less than four years
• NEM Energy Group is ready for next growth phase under HPS ownership with a significant order backlog and large pipeline ahead in the market
• Exit delivers significant contribution to guidance for the current fiscal year

Munich, September 9, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) has sold its portfolio company NEM Energy B.V. and subsidiary NEM Balcke-Dürr GmbH (together “NEM Energy Group”) to Hyundai Heavy Industries Power Systems Co., Ltd (“HPS”), owned by MiCo Ltd, listed on the KOSDAQ (KOSDAQ: 059090), a trading board of Korea Exchange. The parties have agreed not to disclose the purchase price and further contractual details.

NEM Energy Group, headquartered in Zoeterwoude, the Netherlands, is a globally active specialist in heat transfer technology with leading market positions in heat recovery steam generators, exhaust and diverter systems and heat exchanger solutions. The company serves international customers across power generation, oil & gas, industrial applications, nuclear and emerging energy transition markets. In fiscal year 2025, NEM Energy employed approximately 470 people across its locations in the Netherlands, Germany and India.

Since acquiring NEM Energy from Siemens Energy in December 2022 as part of a carve-out transaction, Mutares has successfully transformed NEM Energy into an independent, innovative, operationally strengthened and sustainably profitable standalone platform. During Mutares’ ownership, NEM significantly enhanced its operational setup and invested in a new go-to-market approach, reflected in a strong project pipeline and a globally diversified customer base.

The transaction marks a successful exit for Mutares and underlines the ability to create substantial shareholder value through operational transformation and strategic repositioning. Mutares focuses on companies operating in sectors with structural tailwinds, where demand dynamics support long-term growth. The energy sector, in particular, benefits from increasing global demand for reliable, efficient and lower‑emission power generation solutions, energy security considerations and the ongoing transition of the global energy system. NEM’s position within these high-demand and dynamic markets aligns well with Mutares’ investment approach and value‑creation expertise.

Johannes Laumann, CIO of Mutares, comments: “The sale of NEM Energy Group marks a major milestone for Mutares, reflecting our ability to deliver on our strategic goals and representing a significant contribution towards our guidance for the current fiscal year. NEM is the perfect example of our strength in identifying companies with potential and transforming them into high-performing standalone platforms. With HPS, NEM Energy Group has found the best possible owner to support its future growth and success, and we are excited for what lies ahead.”
 

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 part of the selection index SDAX.
 

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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