Mutares has signed a term sheet to sell Polish drugstore chain Natura to Grupa Kapitałowa Specjał (Specjał). The Frankfurt-listed private equity holding company acquired Natura at the end of 2024 and is divesting the business as part of its portfolio strategy to reduce exposure to the retail segment.
Natura operates more than 190 stores across Poland along with an e-commerce platform. Its range covers fragrances, make-up, face and body care, hygiene and hair care, including international brands and its own private-label products. Since acquiring the company, Mutares has completed the carve-out, changed the logistics model, closed or relocated unprofitable stores and strengthened the management team as part of a transformation program.
Johannes Laumann, chief investment officer at Mutares, said that with the carve-out completed and the store network restructured, Natura now operates as a stand-alone retailer with a clear path towards profitability. Rzeszów-headquartered Specjał describes itself as one of Poland's largest FMCG wholesale and retail groups and generated revenue of about 4.6 billion zlotys ($1.2 billion; €1.1 billion) in 2025. Natura is expected to benefit from the group's purchasing scale, logistics infrastructure and nationwide retail footprint.
The parties intend to sign a share purchase agreement and complete the deal in the fourth quarter of 2026. Closing is subject to merger clearance from the President of the Polish Office of Competition and Consumer Protection and other customary conditions.
Source: PE Hub · Summarized by HeadlinesBriefing