German fund Mutares has signed a term sheet to sell the Natura drugstore chain to Polish capital group Specjał from Rzeszów. The deal is expected to close in Q4 2026 and requires the consent of the President of the Office of Competition and Consumer Protection (UOKiK).
Mutares SE & Co. KGaA announced the signing of the term sheet on Tuesday, 20 October, in a stock exchange release from Munich. The document sets out the main terms for the sale of Natura sp. z o.o. The parties now intend to sign the final share purchase agreement and complete the transaction in Q4 2026. The price has not been disclosed.
Who the Buyer Is
According to Mutares’ announcement, Specjał is headquartered in Rzeszów and is one of the largest wholesale and retail fast-moving consumer goods (FMCG) groups in Poland. The group supplies and serves a store network operating under the Nasz Sklep, Livio, Rabat Detal and SPAR banners. In 2025, its revenue amounted to about PLN 4.6 billion.
Mutares emphasises that under its new owner, Natura is expected to benefit from Specjał’s purchasing scale, logistics infrastructure and nationwide retail network.
What We Know About Natura
The announcement describes Natura as the third-largest drugstore chain in Poland. It has more than 190 stores and a growing e-commerce platform. Its range includes perfumes, make-up, face and body care, hygiene and hair products. Alongside well-known international brands, the chain offers its own products.
Mutares acquired Natura at the end of 2024 through a carve-out, meaning the separation of the company from its previous owner. The fund says that since then it has carried out a transformation: it completed the separation, changed the logistics model, closed or relocated unprofitable stores and strengthened the management board. The sale therefore marks the end of an ownership period of less than two years.
Johannes Laumann, Mutares’ Director of Investments, said that following the spin-off and restructuring, Natura operates as an independent retailer with a clear path to profitability. According to the fund, the transaction fits its strategy of reducing exposure to the retail segment.
Where the Deal Stands
A term sheet is not yet a final sale. It is followed by an announced signing of a share purchase agreement, and closing depends on approval from the President of the Office of Competition and Consumer Protection (UOKiK) as well as customary conditions. At the time of publication, neither the price nor the timing of the filing with UOKiK was known. The news lifted sentiment around Mutares’ shares: according to ad-hoc-news.de, the stock rose 4.4 percent on the day of the announcement.
What It Means
For customers in Poland, nothing changes for now: Natura continues to operate as before, and the transaction has not been completed. The announcement does not include any plans to close stores or change the banner. The change of ownership may affect the offer and logistics over the longer term, but the announcement provides no specifics. If UOKiK approves the transaction and the parties stick to the timetable, the chain will have a Polish owner later this year.
