Mutares SE & Co. KGaA (0UTK), the Munich-based listed private equity holding company, has signed an agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation, a Japanese manufacturer of fire trucks and specialty vehicles, for an equity value of EUR 65 million. The transaction covers only the civil firefighting operations; Mutares is retaining the Magirus Defense business, which it intends to continue independently under a new brand. The announcement states that Magirus Firefighter carries an order book of approximately EUR 780 million and an expected 2026 sales level of approximately EUR 400 million, underscoring the scale of the asset being divested. Investors will be watching how Mutares deploys proceeds and develops the retained defence operations.

Key Points

  • Mutares SE & Co. KGaA (0UTK), traded on Frankfurt Stock Exchange under symbol "MUX" (ISIN: DE000A2NB650), member of the SDAX index
  • Mutares has agreed to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation for an equity value of EUR 65 million
  • The Firefighter unit employs more than 1,650 people across sites in Ulm, Brescia, Chambéry and Premstätten; order book stands at approximately EUR 780 million
  • Investors should watch the progress of the retained Defence business and its rebranding following transaction close

Magirus Firefighter Unit Sold to Morita Holdings for EUR 65 Million Equity Value

Mutares acquired Magirus from Iveco Group in January 2025 and has since implemented a series of transformation measures, including management restructuring, cost optimisation programmes, improved project governance, and accelerated product development. The announcement states that these initiatives have translated into improved operational KPIs and higher production output. The Magirus Firefighter Business Unit, which traces its origins to 1864, holds a leading market position in aerial ladder vehicles and fire protection technology globally, with production and service sites spanning Germany, Italy, France, and Austria. The agreed equity value for this partial sale is EUR 65 million.

EUR 780 Million Order Book and EUR 400 Million Expected 2026 Sales Underpin Asset Quality

At the time of the announcement, the Magirus Firefighter Business Unit carries an order book of approximately EUR 780 million covering the coming years, with an expected sales level of approximately EUR 400 million in 2026, excluding the Defence segment. The announcement notes that capacity utilisation is good, though customer call-offs are currently subdued — a trend also observed within the Defence business. Morita Holdings, already a highly profitable and leading player in the Asian fire vehicle market, intends to use the acquisition to expand its European presence, with Magirus providing an established brand and substantial manufacturing infrastructure across four European countries.

Mutares Retains Defence Business and Expands Towards Protected Vehicles Under New Brand

The Defence operations, currently branded the Magirus Defense & Security Business Unit, will remain within the Mutares portfolio and be continued independently under a new brand following transaction close. The announcement states that Mutares is building on the October 2025 acquisition of Achleitner Fahrzeugbau, combining Ulm's vehicle development expertise with Radfeld's specialisation in protected and highly specialised vehicles. The Defence business is examining market potential in protected vehicles of up to 18 tonnes gross vehicle weight, is open to strategic partnerships, and is in discussions with several major market participants, according to the company update. Mutares cited the successful restructuring of Steyr Motors as evidence of its capability in the defence sector.

Transaction Reflects Mutares' Buy-Transform-Sell Private Equity Model Across European Markets

Mutares operates as a listed private equity holding company, acquiring businesses in transition and reselling them following stabilisation and repositioning — a model this transaction illustrates directly. The firm maintains offices across sixteen cities including Munich, London, Paris, Milan, Stockholm, and Tokyo, and follows a sustainable minimum dividend policy for shareholders. The Magirus disposal underlines the group's ability to execute value creation within a relatively short ownership period, having acquired the asset in January 2025. A company-specific risk remains the subdued customer call-off environment noted across both the Firefighter and Defence divisions, which could affect near-term revenue momentum ahead of transaction close.