German investment fund Mutares has finalized the restructuring of Efacec, the Porto-based engineering and technology company, which derives 75% of its business from international markets. An official source told ECO that the restructuring “has allowed us to create value for all stakeholders,” with the company’s 2025 results scheduled for release in Q1 2026.
Efacec contributed positively to Mutares’ engineering and technology segment, which generated €964.6 million in revenues for the first nine months of 2025, up from €796.9 million the previous year. EBITDA for the segment reached €271.8 million, boosted by successful exits like Steyr Motors. Adjusted EBITDA for Efacec itself improved to €23.5 million, compared to a loss of €9.2 million in 2024.
Mutares, which acquired Efacec from the Portuguese state in November 2023, classifies the company in its “realignment” portfolio, alongside Peugeot Motocycles, Magurus, Natura, and Prénatal. CEO Christian Klingler highlighted that the “new strategy implemented in the company has unlocked its full potential” and confirmed that the fund will continue developing Efacec toward future growth.
The state had previously nationalized Efacec in 2020, incurring a net cost of €166.2 million after support measures, guarantees, and contingencies. The reprivatization process took over three years and involved public funding of €484 million, and it remains under parliamentary scrutiny following a collapsed inquiry.
Mutares’ model focuses on restructuring companies to enhance value before eventual sale, and with Efacec’s improving EBITDA and portfolio growth, it is considered increasingly attractive for potential buyers.
Related News