Mutares exits Royal de Boer in fourth exit of 2022

• Royal de Boer is a manufacturer of barn equipment such as feed fences, cubicles, ventilation and manure systems
• The company operates one production plant in Leeuwarden, Netherlands
• Mutares bought the company in 2020 from GEA Farm Technologies

Mutares announced on Tuesday that it has signed an agreement to sell its portfolio company Royal de Boer to Turntide Technologies.

Royal de Boer is a manufacturer of barn equipment such as feed fences, cubicles, ventilation and manure systems. The company operates one production plant in Leeuwarden, Netherlands. Mutares bought the company from GEA Farm Technologies in 2020.

“I am happy to announce our fourth exit this year where we have again exceeded our target of a 7-10x ROIC,” said Johannes Laumann, CIO of Mutares. “The exit strategy for Royal de Boer follows the best owner principle, and we are very happy to place Royal de Boer in an environment where the company can further grow.”

PE Hub Europe covered Mutares’ exit of Nordec group for a 7x-10x return on invested capital in September. Mutares also announced the acquisition of Siemens Energy Engines, a manufacturer of gas and diesel engines for power generation, cogeneration, waste-to-energy and marine uses on 7 November.

Mutares is a private equity company based in Munich that invests in small and medium-sized companies across the automotive and mobility, technologies and engineering, and goods and services sectors. It looks for companies with sales of between €100 million to €750 million.

Turntide Technologies makes intelligent, sustainable motor systems and is headquartered in Sunnyvale, California.