Mutares Signs Term Sheet to Sell Natura to Poland's Grupa Specjal

Mutares SE & Co. KGaA (MUX.DE) said Tuesday it signed a term sheet to sell portfolio company Natura sp. z o.o. to Poland-based Grupa Specjal, with the share purchase agreement and closing targeted for the fourth quarter of 2026, subject to Polish competition authority clearance. The divestment is part of the private equity holding company's strategy to reduce exposure to the retail segment. Natura operates more than 190 stores and an e-commerce platform selling beauty and personal care products. Mutares said it has run a transformation programme at Natura since acquiring the business in late 2024, including restructuring logistics, closing or relocating unprofitable stores and strengthening management. Grupa Specjal generated revenue of approximately PLN 4.6 billion in 2025, and the buyer's purchasing scale, logistics infrastructure and retail network are expected to support Natura. Mutares shares were 1.99% higher at EUR 25.65 on the XETRA.