Mutares has signed a term sheet to sell Natura, Poland's third-largest drugstore chain, to Grupa Kapitałowa Specjał. The agreement would bring an end to a holding period of less than two years for the private equity firm.
Mutares and Specjał now intend to sign a share purchase agreement and complete the transaction in the fourth quarter of 2026. Closing is subject to merger clearance from the president of UOKiK, Poland's competition and consumer protection authority, along with other customary conditions.
Mutares acquired Natura at the end of 2024 as a carve-out. Since then, it has run a full transformation programme at the chain. The work included completing the separation from the previous owner, overhauling the logistics model, and closing or relocating loss-making stores.
Alongside the operational changes, Mutares also strengthened the management team at Natura. The sale to Specjał marks the close of that turnaround phase, with the chain now positioned to change hands before the end of 2026.
Source: PE Insights · Summarized by HeadlinesBriefing