Mutares has successfully listed its Nordic road maintenance platform, Terranor Group AB (publ), on Nasdaq First North Growth Market in Stockholm, realising part of its investment while remaining the majority shareholder.

The offering included 5 million existing shares at SEK 20 per share, representing 25% of the company. An additional 750,000 shares may be sold through an over-allotment option, which could increase the offering to 28.75% of the company’s total shares. The transaction values Terranor at SEK 400m, or around €36m.

Trading began on 25 June 2025. The offering attracted strong demand from Swedish and international institutional investors as well as the public in Sweden and Denmark and was multiple times oversubscribed.

Mutares acquired Terranor in 2020 via a carve-out from NCC and expanded the business in 2021 with the acquisition of a Danish road maintenance company. In 2024, Terranor generated €285m in revenue and €7.2m in adjusted EBIT, achieving a 21% CAGR since 2022.

Mutares retains a 75% stake and remains committed as a long-term owner. Lock-up periods of 180 days apply to Mutares, and 360 days to management and the company. Terranor has agreed not to issue new shares for 360 days without prior consent.

Johannes Laumann, CIO of Mutares, said: “With the stock market listing of Terranor, we once again underscore our business model’s strong value creation potential. We anticipate sustainable growth at Terranor driven by increasing demand for public infrastructure investments and a significant backlog in public-sector maintenance, growth from which a broader group of investors can now benefit.”

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