Announcement of ownership transfer

Iveco Group, traded on EXM as IVG, together with Mutares SE & Co. KGaA, a specialist in special situations transactions, has announced the definitive agreement to transfer ownership of Magirus GmbH and its firefighting business affiliates.

This renowned manufacturer, with more than 1,300 employees across Germany, Italy, France, and Austria, is recognised for its production and sale of firefighting vehicles and equipment.

In 2023, Magirus accounted for roughly 2% of Iveco Group’s revenue, despite recording an adjusted EBIT loss of €35 million.

Details of the transaction

The completion of this transaction, subject to regulatory approvals, is slated for no later than January 2025.

This timeline is designed to ensure a smooth transition, beneficial to all stakeholders involved.

The first quarter of 2024 will see Iveco Group’s results impacted by approximately €115 million due to this transaction, a one-off negative earnings effect that will be excluded from all adjusted metrics.

Future prospects for Magirus

Under new ownership, Magirus is set to gain full independence from Iveco Group, paving the way for a future in the firefighting business that is both independent and forward-looking.

This change is expected to bring enhanced flexibility and agility, allowing MAGIRUS to seize market opportunities more efficiently and effectively.

About Mutares and Magirus

Mutares, a listed private equity holding with a global presence, focuses on acquiring medium-sized companies in special situations, showing considerable operational improvement potential.

Since its inception in 1864, MAGIRUS has blended innovation with tradition, making it one of the largest and most technologically advanced providers of firefighting and disaster control technology globally.

Thomas Hilse, President Firefighting and CEO of Magirus, expressed optimism about this development: “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 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 coincides 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!”

IFSJ Comment

The decision by Iveco Group to transfer ownership of Magirus to Mutares marks a strategic shift in the firefighting industry.

This move promises to bolster Magirus’s independence, enhancing its capacity to navigate the future of firefighting business with greater agility and responsiveness.

It reflects a forward-thinking approach, ensuring the legacy of a brand with a 160-year history continues to evolve and adapt in a dynamic market.

As Magirus embarks on this new journey, the potential for innovation and growth in the firefighting sector is evident, underlining the importance of strategic partnerships and transitions in shaping the future of specialised industries.