Morita Holdings has agreed to buy all of Magirus GmbH, the Ulm-based fire-vehicle maker, from the private-equity group Mutares for €65mn. The target lost money in each of the last three years. Morita's board approved the purchase on 9 November 2026, and the contract was signed the same day, German time.
What Morita is paying for
The price is for 100% of Magirus's equity, up from 0% now. Morita also puts approximate advisory and other costs at ¥1.0bn, a separate yen figure on top of the euro consideration.
Magirus makes ladder trucks, fire pump trucks and special fire vehicles, and sells them with related equipment and services. Morita calls it a leading fire and disaster-prevention brand founded in 1864, with ladder trucks as its main product and a sales and service network centred on Europe. Mutares has owned it since January 2025 and has been pursuing business reforms aimed at better profitability.
Magirus's subsidiaries in Austria, Italy, France, Switzerland and Romania come with it. Magirus Defense Systems GmbH, a wholly owned defence business, is to be carved out before completion, and Morita does not plan to acquire it.
The turnaround burden
Sales rose to €332.3mn in 2025, but operating losses have widened each year and the 2025 net loss attributable to shareholders was €81.8mn. The figures are simplified consolidated reference numbers for Magirus and its group companies, and they have not been audited. The notice does not say whether they include the defence unit that is being separated.
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 266,271 | 270,216 | 332,338 |
| Operating loss | △16,350 | △47,763 | △49,201 |
| Net loss attributable to parent | △25,002 | △53,200 | △81,788 |
| Net assets | 30,596 | 179,375 | 43,399 |
| Total assets | 221,472 | 413,141 | 342,843 |
Morita's stated case is that it will combine Magirus's business base with its own technology and know-how and with its overseas operations, including Bronto Skylift Oy Ab, to push the reforms further. It expects that to deliver global expansion and better profitability. The company describes this as a judgment on business synergies and mid- to long-term growth potential. It gives no turnaround timetable or synergy figure.
Timing and accounts
The transfer is planned for May 2027 and depends on required approvals from the relevant authorities, so the board decision does not mean the deal has closed. Magirus's profit and loss will enter Morita's consolidated results from the year ending March 2028. Morita expects only a minor effect on consolidated results for the year ending March 2027. It says the effect on its consolidated financial position is still being examined and that it will disclose anything further promptly.