Mutares [ETR:MUX] has launched the sale of Scandinavian highway maintenance group Terranor, advised by Access Partners, three sources familiar with the situation said. 

Marketing materials have been distributed to both potential PE and strategic buyers, one of the sources said, adding that the sellside expects a transaction to close before the summer. 

Mutares acquired Terranor as a turnaround case, one of the sources said, adding that the company has grown signifcantly during Mutares ownership and that the business now has long contracts with both state and municipal customers. 

With headquarters in Stockholm and operations across Sweden, Denmark and Finland, Terranor reported EUR 145m in revenue in 2020 and had around 400 employees at the time, according to a press release.  

Mutares created Terranor in November 2020 when it acquired NCC Road Services Denmark from NCC Infrastructure. Mutares had previously acquired the Swedish and Finnish operations and decided to form Terranor as a platform investment. 

Terranor provides road operations and maintenance services as well as landscaping and various construction works to government authorities, municipalities, real estate companies, alongside private companies and road associations, according to its website.

Terranor and Mutares did not respond to requests for comment. Access Partners declined to comment.