Morita Holdings has agreed to buy the firefighting business of Magirus, the German maker of fire engines and aerial ladders, from Mutares for an equity value of €65m, the companies said on 9 and 10 November 2026.
Why Morita Holdings Corporation is buying Magirus GmbH (Firefighter Business Unit, from Mutares)
Morita said Magirus, founded in 1864 and known for its aerial ladder trucks, gives it a leading global brand with a European sales and service network, and that combining it with its own technology and overseas businesses, including Bronto Skylift, would drive further restructuring and global growth. Mutares described the sale as a successful exit after operational improvements since it bought Magirus from Iveco Group in January 2025.
“With the Magirus Firefighter business, we are selling a well-known brand that holds a leading position in firefighting and benefits from good capacity utilization and a solid order book for the coming years.”
Deal terms and financing
Morita will acquire 100% of Magirus GmbH for €65m, with the defence business carved out beforehand. Mutares said the firefighting unit has an order book of about €780m and expects sales of about €400m in 2026; Morita's filing shows an operating loss of €49.2m on revenue of €332.3m in 2025 on an unaudited basis.
Regulatory approvals and timing
The acquisition is subject to the necessary regulatory approvals, with completion expected in May 2027. Morita expects Magirus to be consolidated from the year to March 2028 and the impact on the current year to be minor.
Market context
Mutares, a Munich-listed private equity holding company, will continue the defence business, which it is expanding after buying Achleitner Fahrzeugbau in 2025, independently under a new brand.
