Infracapital agrees to acquire leading Polish bus operator Relobus from Mutares
Infracapital, the infrastructure private equity investment arm of M&G, today announces that it has agreed to acquire Relobus Transport Polska sp. z o.o. (“Relobus”), one of the largest private operators of public bus transport services in Poland, from Mutares SE & Co. KGaA (“Mutares”).
Relobus operates urban and regional bus services from its own depots and sites held under long-term leases. It runs over 200 buses across urban and regional networks throughout Poland. The company was recently awarded three new 10-year public contracts in Warsaw and Gdansk, strengthening its competitive position in key Polish metropolitan areas.
The Polish public transport market offers attractive long-term fundamentals, driven by urbanization and an increasing focus on sustainable mobility. Demand for infrastructure and fleets in Poland has grown in recent years, with passenger numbers expanding at a rate of 11 percent a year since 2020.
Relobus has undergone a comprehensive operational and financial transformation under Mutares, and the company is well positioned to benefit from the market momentum. Its growing multi-city presence, operational excellence and experienced management team provide a solid platform for further growth.
The acquisition will be made through Infracapital Partners IV and aligns with Infracapital’s strategy to invest in essential infrastructure to meet the changing needs of society and support long-term economic growth across Europe, including the transition towards lower-carbon transport systems.
The transaction is subject to customary closing conditions and is expected to close in Q2 2026.
Herman Deetman, Managing Director at Infracapital, said: “Relobus is a high-quality operator delivering essential public transport services across Poland. We are highly impressed with the company and its management team, who have built strong foundations for future growth. As a long-term infrastructure investor with over two decades experience of investing across the European transport landscape, we see significant opportunity to support Relobus in expanding its footprint and building on its strong market position.”
Media enquiries
For further information, please contact:
Infracapital via Teneo
Tom Murray
Zander Swinburne
E: Infracapital@teneo.com
T: +44 20 7260 2700
About Mutares
Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Warsaw, and Vienna, Mutares SE & Co. KGaA acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning.
The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650) and are included in the SDAX selection index.
About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 4.2 million retail customers and more than 1000 institutional clients in 38 offices worldwide. Total assets under management are £375.9 billion (as at 31 December 2025).