Mutares to Divest Conexus to ATS - Advance Technologies System

Mutares SE & Co. KGaA has reached an agreement to sell Conexus S.p.A. to ATS - Advance Technologies System S.r.l., a subsidiary of Maximum Return System Group. The deal, pending standard regulatory approvals under Italian Golden Power, is scheduled for completion in the first quarter of 2026.

Conexus, a specialist in power infrastructure with 250 employees and operating in 10 locations across Italy, reported revenues of EUR 104 million and an EBITDA of EUR 8 million in 2024. Initially acquired in 2022 by Mutares, the company has experienced a significant operational turnaround, expanding notably into data center and private connection markets.

Key customer relationships in various voltage segments set a foundation for Conexus's future under its new ownership. Johannes Laumann, CIO of Mutares, expressed satisfaction with the investment, highlighting the strategic realization of exit objectives.