Yesterday Mutares announced that it has agreed to acquire keeper GmbH (keeper), one of the largest European suppliers of plastic household products. Mutares expects it will close the acquisition by June 2019.
keeper generated sales of €65m in FY18 and has more than 500 employees at its two sites in Germany and Poland, as well as the sales office in Belgium. The company delivers its products to DIY, food retailing, wholesale and furniture sectors in around 35 countries worldwide.
Mutares purchased keeper from a family-run company, Wrede Industrieholding (Wrede). Mutares highlights that Wrede’s decision to sell the company was driven by the lack of a successor in the family management.
This is the fifth acquisition made by Mutares in 2019, and the second platform investment. The acquisition will be the fifth portfolio company in Goods & Services segment, which made up 10% of Mutares’ NAV at end-Q119.
Author: Milosz Papst