- SMP is expected to generate revenues of around €140m in 2023
- Mutares is an international private equity investor focused on special situations
- CAS is a stainless steel and nickel alloy producer based in Aosta, Italy
Mutares has sold Special Melted Products (SMP), a manufacturer of steels and nickel-based super alloys used in critical applications in the aerospace, oil and gas and nuclear industries, to Cogne Acciai Speciali (CAS).
The proceeds of the sale will be around €150 million, taking into account customary deduction items, variable compensation and transaction costs, according to a release.
Sheffield, UK-based SMP is expected to generate revenues of around €140 million in 2023.
“The successful completion of the sale of SMP to Cogne Acciai Speciali is another impressive example of value creation by the entire Mutares team,” said Robin Laik, CEO and founder of Mutares. “Our shareholders will also participate in this very successful exit.”
SMP’s local management and Mutares’ team together implemented a full scope of turnaround measures that led SMP to significant growth in both revenue and profitability in less than a year, the release said.
Mutares is an international private equity investor focused on special situations. The firm is based in Munich, Germany.
CAS is a stainless steel and nickel alloy producer based in Aosta, Italy.