Mutares to exit Poland's Natura as Nord Gas revenue jumps to €459M
What's the deal? MutaresDealroom has a profile for this one. Try Dealroom → has signed a term sheet to sell Polish drugstore chain NaturaDealroom has a profile for this one. Try Dealroom → to Grupa Specjał, one of Poland's largest fast-moving consumer goods wholesale and retail groups. The two sides aim to sign a purchase agreement and close in the fourth quarter of 2026, subject to clearance from Poland's competition authority, UOKiK. No price was disclosed.
What each side brings: Natura runs more than 190 stores and a growing e-commerce platform, selling fragrance, make-up, skincare, and hygiene products. Specjał, based in Rzeszów, operates and supplies retail sites under brands including Nasz Sklep and SPAR, posting about US$1.15B in revenue in 2025.
Why now? Mutares bought Natura in late 2024, then completed a carve-out, reworked its logistics, closed or moved unprofitable stores, and strengthened management. The sale advances the firm's stated plan to cut its retail exposure.
The other track: The far bigger portfolio signal is Nord Gas Solutions, where Mutares is reviewing exit options including a possible Nordic listing. Nine-month revenue rose to about €459 million from €283 million a year earlier, and adjusted EBITDA more than doubled to €43 million. An order backlog of €880 million supports full-year guidance of more than €575 million in revenue.
What could go wrong? The Natura sale is only a term sheet, not a binding deal, and remains tied to antitrust approval. The Nord Gas listing is also undecided, so neither disposal is locked in.
The signal: Mutares' two tracks show its restructure-and-sell model at different stages — one deal with a named buyer, one business still weighing a potentially much larger exit. Investors welcomed the news: the stock rose 4.4%, though it remains down about 16% for the year.
Read more: ad-hoc-news.de
Image credit: Generated with Gemini
