Mutares SE & Co. KGaA has agreed to sell its portfolio company Conexus S.p.A. to ATS - Advance Technologies System S.r.l., with closing anticipated in Q1 2026.

Information on the Target

Conexus S.p.A., a leading specialist provider of energy infrastructure, was acquired by Mutares SE & Co. KGaA in 2022 under its former name, Sirti Energia S.p.A. The company excels in the planning, construction, and maintenance of both overhead and underground electrical transmission and distribution systems in Italy. With a workforce exceeding 250 and a revenue of EUR 104 million alongside an EBITDA of EUR 8 million in 2024, Conexus has strategically developed its business through an integrated approach to power grid management, combining technical expertise, engineering competencies, and a commitment to ecological and social sustainability.

Since its acquisition by Mutares, Conexus has successfully undergone a significant operational turnaround, achieving key transformation milestones. The company has successfully expanded into the rapidly growing markets for data centers and private connections, leveraging its unique track record to implement a highly attractive project pipeline. This strategic focus has resulted in a noticeable revenue increase and a return to distinctly positive operational results.

Industry Overview in Italy

The energy infrastructure sector in Italy is experiencing a period of rapid growth, mainly driven by increasing investments in renewable energy sources and the modernization of grid systems. The Italian government has prioritized energy transition