Mutares receives acquisition offer for last-mile logistics firm Stuart
Mutares SE & Co. KGaA has received an irrevocable offer from Quiver to acquire Stuart, comprising SRT Group SAS and its subsidiaries, in a proposed transaction involving the European urban and last-mile logistics sector.
The German investment holding company announced that completion is expected during the fourth quarter of 2026, subject to the information process involving employee representatives. The transaction has not yet closed, and the announcement does not disclose a purchase price.
Stuart operates a technology-based delivery platform connecting businesses across different sectors with a network of independent couriers. Headquartered in France, the company also operates in the United Kingdom and Poland, supported by a technology competence centre in Spain.
Stuart’s operations and development
Mutares acquired Stuart in 2023 and has since worked with its management to diversify the company’s customer base, reducing its dependence on a limited number of major clients.
According to Mutares, Stuart has continued investing in its proprietary technology while pursuing customer acquisition and operational improvements. These measures have supported growth and improved the company’s cost per order.
Stuart currently employs approximately 70 people and generates revenue of around €50 million. Its business model relies on its own IT infrastructure to connect customers with independent couriers and coordinate urban and last-mile deliveries.
Proposed sale supports Mutares’ portfolio strategy
The proposed divestment forms part of Mutares’ strategy of stabilising and repositioning portfolio companies before transferring them to buyers positioned to support their subsequent development.
Mutares also identified the transaction as another step in reducing its exposure to the retail segment.
Johannes Laumann, Chief Investment Officer of Mutares, said the company had worked with Stuart’s management to strengthen its customer base, operational capabilities and technology while improving its cost structure.
He also expressed confidence in Quiver as a partner for Stuart’s next stage of development.
The proposed acquisition remains subject to the outstanding employee-representative information process, with closing anticipated before the end of 2026.
