German turnaround fund Mutares announced on November 2, 2026 the sale of Stuart, a French urban delivery platform, to UK-based Quiver. The price has not been made public. Three years after being taken over from Geopost for a symbolic one euro, the company is changing hands without yet having broken even, according to figures compiled by FrenchWeb.
A two-step sale, with no price disclosed
The deal took shape in late October. On October 26, Mutares said it had received an irrevocable offer from Quiver to buy SRT Group SAS, the company that holds the Stuart brand, along with its subsidiaries. The fund was then aiming for completion in the fourth quarter, after informing employee representatives, as reported by Kapitalmarktexperten. A week later, on November 2, Mutares announced in a press release that it had sold Stuart to Quiver. The text presents the sale as completed, without giving a formal closing date; the stock market website Stock-World also describes it as concluded, and Mutares’ nine-month report refers to a sale carried through.
None of the sources consulted gives an amount. This silence has a direct consequence: it is impossible to know whether Mutares comes out ahead on this deal. FrenchWeb points out that without the sale price, the sums injected and a breakdown of the cash flows, the return on the investment cannot be calculated.
Stuart, from La Poste to a turnaround fund
Stuart connects business customers with independent couriers for deliveries in cities and over the last mile. The company generates around €50 million in revenue and has some 70 employees, spread across France, the United Kingdom and Poland, with a technology hub in Spain. The couriers are not part of this headcount: they form a separate network.
Its history is that of an asset passed from hand to hand. La Poste took control of it in 2017 to strengthen its express urban delivery offering. At the end of November 2023, Mutares took it over from Geopost, a subsidiary of the postal group, for a symbolic one euro. According to FrenchWeb, Geopost had committed to leaving €45 million in cash in the company at the time of the takeover, as part of total financing capped at €82.1 million.
A turnaround left halfway
Mutares highlights the work done: a broader customer base, less dependence on a few large accounts and a lower cost per order, according to Kapitalmarktexperten. The fund’s chief investment officer, Johannes Laumann, considers Quiver to be the right partner for the next stage.
The figures described by FrenchWeb qualify this assessment. In 2025, revenue fell, notably after the departure of Just Eat, its main customer, and other accounts. Operating results improved but remained well in the red. In the first half of 2026, revenue picked up again and the operating loss narrowed, without disappearing. To get there, the company cut its headcount and capacity, squeezed its software and infrastructure spending, and renegotiated several contracts by lowering its prices. Management was aiming to halve the operating loss in 2026, then return to profitability in the medium term. The outlet sums up the situation with the image of an unfinished turnaround.
Quiver, a buyer younger than its target
The buyer was born in London in 2021. Quiver combines an in-house software platform with the operation of its own delivery network. It targets retailers that want to deliver to their customers on the same day, from their stores or from small local warehouses. According to FrenchWeb, which cites CFI, the seller’s adviser, the capital remains mostly in the hands of its two founders, Matthew Barrie and Louis Collar-Smith, together with private investors.
According to FrenchWeb, Stuart gives Quiver a foothold in France and Poland and strengthens its British presence, with a technical center in Spain as a bonus. One major unknown remains: how it intends to make profitable a business that two successive owners have failed to balance. None of the sources consulted details its industrial plan or its intentions regarding jobs.
For Mutares, one exit among others
This sale is part of a broader movement. According to Kapitalmarktexperten, it reflects Mutares’ desire to reduce its exposure to retail. At the same time, the fund has also signed sale agreements, yet to be completed, for Guascor Energy, to Oaktree, based on an equity value of €74 million, and for Magirus’ fire-fighting vehicle business, to Morita Holdings, valued at €65 million in equity, according to its news page. Its nine-month results, published on November 12, report group revenue up 15% at €5.4 billion, and list Stuart among the sales concluded since the end of the quarter.
Frequently asked questions
How much did Quiver pay for Stuart?
The amount has not been disclosed. Neither Mutares’ press releases nor the French and German media consulted give a price. Without this information, FrenchWeb considers it impossible to assess the return on the deal for the fund.
Who is Quiver?
It is a British company founded in London in 2021, specializing in same-day delivery for retailers. It combines a proprietary platform with its own network of couriers, and remains mostly owned by its two founders, Matthew Barrie and Louis Collar-Smith.
Was Stuart profitable at the time of the sale?
No, according to the information reported by FrenchWeb. Operating results improved in 2025 and in the first half of 2026, but remained negative. Management’s stated goal was to halve the operating loss in 2026.
Sources
- STUART : trois ans chez MUTARES, rentabilité toujours en cours de livraison — FrenchWeb, 2026-11-10
- Mutares has sold SRT Group and its subsidiaries to Quiver — Mutares, 2026-11-02
- Mutares receives an irrevocable offer for the acquisition of SRT Group and its subsidiaries from Quiver — Mutares, 2026-10-26
- Mutares advances growth and portfolio transformation in the first nine months of 2026 — Mutares, 2026-11-12
- News — Mutares, 2026-11-13
- Mutares Aktie: Stuart-Exit an Quiver — Kapitalmarktexperten, 2026-10-26
- Mutares Aktie: Stuart-Verkauf perfekt! — Stock-World, 2026-11-09