Mutares receives offer to sell Stuart, whose current revenue stands at €50 million
Key Facts
Mutares has received an irrevocable offer from Quiver to acquire SRT Group SAS and its subsidiaries, which operate under the Stuart name, in a move the company said is in line with its plan to stabilize and reposition portfolio companies ahead of their sale. Mutares expects the deal to close in the fourth quarter of 2026, but made this conditional on informing employee representatives. The company did not disclose the value of the offer, the sale price or the potential gain from the exit. Stuart’s reported revenue is about €50 million, according to Mutares’ portfolio page. The company’s investment chief said Quiver is the right partner to support Stuart’s next phase.
The offer marks a new stage in Stuart’s ownership under Mutares, which completed its acquisition of SRT Group from Geopost on 30 November 2023. The acquisition announcement said the group generated revenue of more than €400 million in 2022, a figure for that year that differs from the €50 million in revenue currently listed on Mutares’ portfolio page. The two figures reflect different periods in the company’s history and do not represent a comparison between consecutive financial periods. Mutares presented its acquisition of the company as part of its portfolio management, while its current plan describes stabilizing and repositioning companies ahead of sale. The company says the exit from Stuart also limits its exposure to the retail sector.
Stuart operates in urban delivery and last-mile services, and Mutares’ portfolio page says it covers more than 130 European cities. The page lists Paris, London and Barcelona as company locations, while the company is based in France and has a technology hub in Spain, according to published offer details. The group also operates in the United Kingdom and Poland. This footprint places the business among multi-market delivery operations, while the offer would transfer ownership of the group and its subsidiaries to a single buyer. The available disclosure did not detail the financial consideration or how value would be allocated among the subsidiaries.
The attempted sale follows a year in which revenue in Mutares’ Goods & Services segment fell to €1,404.6 million in fiscal 2025, compared with €1,581.9 million in fiscal 2024. The company attributed the decline to disposals and lower organic revenue at Lapeyre and Stuart. Its annual report included Stuart in the repositioning phase of its value creation cycle. Companies listed collectively in this phase recorded revenue of €2,008.7 million and negative adjusted EBITDA of €161.3 million in 2025. These figures relate to the full group of companies in the repositioning phase, not Stuart alone.
Mutares said increased disposal activity in 2025 had a strong impact on the holding company’s net income, while gross sale proceeds totaled about €230 million that year. It added that cash proceeds from disposals in 2026 are expected to be significantly higher than in 2025. The company did not specify how much the potential Stuart deal would add to those proceeds, as it did not disclose the sale price. Completion of the deal remains expected in the fourth quarter of 2026, subject to informing employee representatives. Johannes Laumann, Mutares’ investment chief, said Quiver is “the right partner to support Stuart’s next phase.”