Mutares has sold Stuart, a leading last-mile delivery company, to Quiver

Paris – CFI is pleased to announce that it acted as exclusive financial advisor to Mutares on the receipt of a binding offer for the sale of Stuart (SRT Group SAS and its subsidiaries) to Quiver.

Founded in 2015, Stuart has established itself as one of the leading last-mile delivery players in Europe. The company provides retailers, merchants and delivery partners with white-label technology and operational solutions designed to address the growing challenges of urban logistics. Its proprietary platform, which connects businesses with a network of independent couriers, enables its partners to optimise their operations and offer their customers fast, flexible and seamlessly integrated delivery experiences.

Stuart currently serves many major players in the food service, grocery and retail sectors, managing their on-demand delivery needs. With offices in Paris, London and Barcelona and operations in France, the United Kingdom and Poland, the company employs around 70 people and generates revenue of approximately €50m.

Mutares SE & Co. KGaA is a German investment holding company listed on the Frankfurt Stock Exchange, operating internationally and specialising in industrial transformation situations and carve-outs from large corporations.

A shareholder of Stuart since acquiring it from Geopost in 2023, Mutares has supported the company through a decisive phase of transformation and strategic repositioning. Under the impetus of its shareholder, Stuart has diversified its client base to reduce its reliance on a limited number of key accounts, continued to invest in its proprietary technology to strengthen its margins, and supported its growth through targeted commercial wins and the optimisation of its operational processes, thereby significantly improving its cost per order.

Founded in 2021 and based in London, Quiver is an urban logistics technology company, majority-owned by its founders, Matthew Barrie and Louis Collar-Smith, alongside private investors. The group has developed an integrated model combining proprietary technology with the in-house operation of its own delivery network, serving retailers and brands in the United Kingdom.

Its platform, developed entirely in-house, is built around a dispatch and route-optimisation engine delivering industry-leading productivity, a courier app and native integrations with leading e-commerce solutions. Focused on the omnichannel retail segment, the company enables its clients to leverage their store network and its own micro-fulfilment centres to offer same-day delivery. Quiver’s clients include leading brands such as GANNI, APM Monaco and Boggi Milano.

By joining Quiver, Stuart will benefit from an environment conducive to accelerating its growth: bringing the two companies together will strengthen their position in the UK market and broaden the offering available to merchants, while leveraging Stuart’s footprint in France and Poland and combining the technological capabilities of both platforms.

Completion of the transaction is expected in the fourth quarter of 2026, subject to the information of the employee representative bodies.