Mutares SE & Co. KGaA has signed an agreement to sell its portfolio company Conexus S.p.A. to ATS – Advance Technologies System S.r.l., a wholly owned subsidiary of Maximum Return System Group, as the firm continues to execute exits from its portfolio.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including approval under Italy’s “Golden Power” regime. Financial terms were not disclosed.
Conexus, acquired by Mutares in 2022 under the name Sirti Energia S.p.A., designs, builds, and maintains overhead and underground power transmission and distribution infrastructure across Italy. The company operates from more than 10 locations and employs over 250 people.
Mutares said Conexus has undergone an operational turnaround since the 2022 acquisition, including an expansion into data center and private connection markets. In 2024, Conexus generated revenue of €104 million and EBITDA of €8 million, according to Mutares.
Maximum Return System Group describes itself as a private equity investment group focused on combining private sources of capital to drive value creation, with an investment focus that includes the energy and infrastructure markets.
KEY QUOTE:
“We are very pleased with the remarkable success achieved through our investment in Conexus, creating value for all stakeholders. With this transaction, we have successfully delivered on our communicated exit objectives. We are fully convinced that, under its new ownership, Conexus will further accelerate its growth in this highly attractive industry.”
Johannes Laumann, CIO, Mutares
