Mutares sells European last-mile logistics platform Stuart to Quiver

Mutares SE & Co. KGaA has completed the sale of Stuart, comprising SRT Group SAS and its subsidiaries, to Quiver, marking the exit of the European urban delivery and last-mile logistics business from its investment portfolio.

Headquartered in France, Stuart operates a technology-based delivery platform connecting businesses across different industries with a network of independent couriers. Its services are designed to support flexible urban distribution and last-mile deliveries, using proprietary technology to coordinate orders and delivery operations.

The company operates in France, the United Kingdom and Poland, supported by a technology competence centre in Spain. Stuart currently employs approximately 70 people and generates annual revenue of around EUR 50 million.

Mutares acquired Stuart in 2023 and subsequently implemented a series of operational and commercial changes aimed at improving the company’s performance and reducing its dependence on a limited number of major customers.

During its ownership, Mutares supported the diversification of Stuart’s customer base and further investment in its proprietary technology. The business also pursued growth through targeted customer acquisition and operational improvements, resulting in a reduction in costs per order.

The sale reflects Mutares’ investment approach of restructuring and repositioning portfolio companies before transferring them to new owners. It also forms part of the group’s strategy to reduce its exposure to the retail segment.

The transaction transfers Stuart to Quiver following approximately three years under Mutares’ ownership. The announcement did not disclose the financial terms of the sale or provide details of Quiver’s plans for the business.