German listed private equity holding company Mutares SE & Co KGaA has signed a binding agreement to sell its portfolio company Conexus SpA to ATS – Advance Technologies System, a wholly owned subsidiary of private equity group Maximum Return System.
The transaction is expected to close in the first quarter of 2026, subject to customary conditions including approval under Italy’s Golden Power regime.
Conexus, acquired by Mutares in 2022 as Sirti Energia SpA, specialises in the design, construction and maintenance of overhead and underground power transmission and distribution infrastructure. The company operates across 10 locations in Italy, employs more than 250 staff, and generated revenues of €104m with EBITDA of €8m in 2024.
Since its acquisition, Conexus has undergone an operational turnaround, expanding into the data centre and private connection markets and executing a growing project pipeline. The firm maintains long-standing client relationships across low- and high-voltage networks, as well as data centre infrastructure, providing a strong platform for continued growth under new ownership.
Johannes Laumann, CIO of Mutares, said: “We are very pleased with the success achieved through our investment in Conexus, creating value for all stakeholders. We are confident that under ATS and Maximum Return System, Conexus will accelerate its growth in this attractive sector.”
Mutares, a listed private equity holding company headquartered in Munich, focuses on acquiring companies in transition and generating value through operational improvements, before exiting investments. Its shares are traded on the Frankfurt Stock Exchange under the symbol MUX and are included in the SDAX index.
