Mutares completes acquisition of Plati Elettroforniture from Deren Group
- Mutares Italy completes acquisition announced in May 2019
- Company with annual sales of EUR 38 million
- Product portfolio comprises cable harnesses, automotive cables, connectors, PVC extrusion, and electromechanical assemblies
- Together within the portfolio segment Automotive & Mobility the company will use existing sales and operational synergies
Munich/ Milano, June 14, 2019 - Special situation investor Mutares (ISIN: DE000A2NB650) has completed the acquisition of 80% of Plati Elettroforniture S.p.A. from Chinese Deren Group. The transaction is an acquisition benefiting from synergies to Elastomer Solutions Group, an Automotive supplier in Mutares' portfolio. Plati has five sites with its headquarter near Bergamo (Italy) and four subsidiaries in Poland, Ukraine, Hungary and Morocco. This transaction represents one of already five acquisitions in 2019 for Mutares which comes down to one acquisition per month. For 2019 Mutares expects more to come.
Plati is an internationally active supplier of cable harnesses to customers in the automotive, consumer goods healthcare and telecommunications sectors. Its product portfolio includes cable harnesses, automotive cables, connectors, PVC extrusion, and electromechanical assemblies. The Group employs approx. 850 employees at its five sites and generated revenues of EUR 38 million in fiscal 2018. Deren Group will continue to be a strategic partner of Plati for the development of the Asian market.
Following the acquisition, Elastomer and Plati will benefit from each other's sales and operational expertise. The existing footprint is very complementary for the profitability and growths strategies of both companies. For the time being both entities will proceed separate strategies but take the benefits out of being governed by the same umbrella of the Mutares Automotive Segment. The expected synergies will result in improved balance sheets and profitability numbers.
Company profile of Mutares AG
Mutares AG, Munich (www.mutares.de), acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. In 2018, Mutares' portfolio companies generated consolidated revenues of EUR 865 million and employed more than 4,700 people worldwide. The shares of Mutares AG are listed on Frankfurt Stock Exchange under the ticker symbol "MUX" (ISIN: DE000A2NB650).
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