Iveco Group and Mutares SE & Co. an investment holding focused on special situations transactions, announced the signing of a definitive agreement for the transfer of ownership of Magirus GmbH and its affiliates performing firefighting business. MAGIRUS manufactures and sells firefighting vehicles and equipment and employs more than 1,300 employees in Germany, Italy, France and Austria. In 2023, MAGIRUS represented approximately 2% of Iveco Group revenues and recorded an Adjusted EBIT loss of €35 million.
Subject to regulatory approval, the transaction is expected to be completed no later than January 2025, therefore in a timeframe that allows for a consistent transition in the interest of all stakeholders. As a result of this transaction, Iveco Group 2024 results will be negatively impacted by approximately €115 million in the first quarter of 2024. This one-off negative earnings effect will be excluded from all adjusted metrics.
This transaction will provide MAGIRUS with full independence from Iveco Group and enable a standalone pathway into the future of the firefighting business. Under its new ownership, MAGIRUS will be more flexible and agile to capture opportunities delivering a renewed, stable, and healthy trajectory This marks a new chapter in the long-standing history of the brand, enabling it to compete even more efficiently and effectively in its unique market.
Mutares is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquiring medium-sized companies in special situations which show significant operational improvement potential.
Since 1864, MAGIRUS has represented a combination of innovation and tradition – serving firefighters around the world. With a comprehensive range of modern and reliable firefighting vehicles, turntable ladders, rescue and logistics vehicles, special solutions, pumps, and portable pumps, MAGIRUS is one of the largest and most technologically advanced providers of firefighting and disaster control technology worldwide. Its business continues as usual, including services and support, with a full focus on employees, customers and partners.
“A new chapter in the 160 years long-standing and proud history of our company has started today. The Iveco Group just announced the signing of a definite agreement with Mutares SE & Co. KGaA to transfer the ownership of Magirus. Subject to regulatory approval, the transaction is expected to be completed no later than January 2025. MUTARES is a German-based international private equity investor specializing in the automotive and mobility sector and listed in the S-DAX. This transaction will provide Magirus with full independence from Iveco Group and enable a standalone pathway into the future of the firefighting business. Needless to say, all sales, service and production operations will continue as usual. Since 1864! The year 2024 will be furthermore remarkable for Magirus as the start of this transition coincidences with the 200th birthday of our founder Conrad Dietrich Magirus. On September 26, we will invite the world to Ulm to celebrate his legacy and will also present a revamped product portfolio, the most competitive that Magirus ever had. Stay tuned!” Said Thomas Hilse, President Firefighting, Magirus in a statement.
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