Vero Automotive 111 acquires Cimos which also has a plant in Serbia

The Croatian company Vero Automotive 111 has acquired a 100% stake in Cimos from the German company Mutares, successfully concluding the management buyout of the Koper-based Cimos Group.

Cimos operates facilities in Buzet, Roc, Vuzenica, Gradacac, and Kikinda, and it currently generates approximately EUR 120 million in annual revenue and employs around 1,200 workers.

Ownership has been assumed by a new structure well-versed in Cimos and its operations as part of the management buyout. Headquartered in Slovenia with five production plants across Slovenia, Croatia, Serbia, and Bosnia and Herzegovina, the Cimos Group manufactures key automotive components such as turbocharger and bearing housings, engine mounts, brake discs and drums, and transmission parts. Its key customers include Garrett Motion, Audi, BMW, Lamborghini, VW, Mercedes-Benz, Danfoss, ZF, Magna, Nolicom, BMTS Technology, and BorgWarner.

– We decided to acquire Cimos because we believe in its potential, the expertise and experience of its employees, and the company’s strong technological foundation. We do not plan to fundamentally alter the company’s strategy or business model. Cimos will remain primarily focused on the automotive industry and developing existing relationships with key customers, while simultaneously seeking new business opportunities and further strengthening the Group’s competitiveness. Our goal is to lay the groundwork for sustainable growth. This entails certain adjustments and business optimizations where necessary, but also a responsible approach toward employees, customers, and business partners. We are aware that a great deal of work lies ahead, but we believe Cimos has a solid foundation upon which we can build further – stated representatives of Vero Automotive, a company that will soon be headquartered in Buzet.

It is worth noting that the German firm Mutares acquired Cimos in 2022 from the investment fund TCH, part of the Italian business group Palladio Holding, which had previously acquired the Slovenian state’s stake in Cimos in 2017, along with the company’s financial obligations to banks.

Livnica Kikinda a.d. Kikinda

Vero Automotive 111

Mutares

Cimos

Cimos Kikinda