Mutares has signed an agreement to acquire Steinmüller Engineering, a German thermal-process engineering specialist, from Japan’s IHI Group in a share deal. The acquisition is a new platform investment for Mutares in the energy transition and industrial decarbonization space. Mutares describes the sector as benefiting from strong regulation-driven growth. Steinmüller will be added to Mutares’ Energy & Technology segment. The transaction is also Mutares’ latest acquisition from a Japanese industrial group.

“Alongside our portfolio company Sofinter Group, we see significant synergies in this fast-growing decarbonization market,” said Johannes Laumann, chief investment officer of Mutares. “Together, the two platforms have the potential to build a leading position and follow a value-creation path similar to NEM Energy Group.”

Steinmüller traces its roots back to 1874 and became part of IHI Group in 2014. It works mainly for clients in the utility, waste, chemical and industrial sectors. The company employs around 170 people. Steinmüller generated a total output of close to €100 million in its last financial year. It has delivered more than 1,300 thermal-process engineering projects for over 500 customers in 80 countries.

The transaction is expected to close in the fourth quarter of 2026.