Investment Associate – Special Situations & Turnarounds
Location: London, UK
Position Type: Full-Time
Role Overview
Mutares is a leading global private equity investor specializing in special situations, corporate carve-outs, and operational turnarounds. We target European mid-market businesses (revenues €100m–€750m) that face operational or financial challenges, transforming non-core corporate assets into profitable, sustainable stand-alone businesses.
As an Investment Associate in our London office, you will sit at the intersection of deal execution, complex transaction structuring, and intense operational transformation. You will play a critical hands-on role across the entire Mutares value creation lifecycle: Acquisition, Realignment, Optimization, and Harvesting.
Key Responsibilities
1. Special Situations M&A & Carve-Out Execution
- Transaction Structuring: Evaluate complex, non-standard deal structures, including corporate carve-outs, negative enterprise value deals, distress/restructuring situations, and debt-funded buy-and-build additions.
- Financial Modeling: Build dynamic financial, LBO, and liquidity/cash flow projection models from scratch. Model turnaround scenarios, debt restructurings, 13-week cash forecasts, and return profiles targeted at high ROIC thresholds.
- Commercial & Operational Due Diligence: Uncover hidden value drivers and identify immediate cost-out, working capital optimization, and operational efficiency potential during brief DD windows.
- Investment Memos: Prepare rigorous Investment Committee (IC) presentations advocating for complex turnaround investments.
2. Active Portfolio Transformation & Realignment
- Day-1 Standalone Setup: Assist internal consulting teams and senior leadership in establishing standalone infrastructure (IT, HR, Finance, Supply Chain) for carve-outs separated from former corporate parents.
- Turnaround Management: Work alongside portfolio executive teams to execute immediate 100-day stabilization plans, cost-restructuring projects, and margin expansion strategies.
- Inorganic Growth: Source and execute strategic bolt-on acquisitions to accelerate the scale and profitability of existing platform investments.
3. Sourcing & Industry Coverage
- Map corporate sellers, blue-chip conglomerates, and advisory networks (restructuring boutiques, corporate finance, insolvency practitioners) to source non-core carve-out opportunities.
- Analyze targets across Mutares' primary operational segments: Automotive & Mobility, Engineering & Technology, Goods & Services, and Infrastructure & Special Industry.
Candidate Profile
Required Experience & Background
- Experience: 2–4 years of experience within:
- Restructuring, Turnaround, or Special Situations M&A at an Investment Bank or Advisory Boutique.
- Big 4 Transaction Services (Special Situations, Carve-out / Restructuring, or Operational Deal Advisory).
- Strategy Consulting with heavy emphasis on commercial/operational due diligence and corporate turnarounds.
- Special Situations PE / Distress / Value PE Fund (as an Analyst/Associate).
- Education: Top-tier academic credentials in Finance, Economics, Business, Engineering, or STEM.
Technical & Functional Skills
- Carve-out & Turnaround Acumen: Deep understanding of corporate carve-out mechanics, TSA (Transition Services Agreement) dependencies, and working capital dynamics in loss-making or low-yield assets.
- Advanced Modeling: Master-level Excel skills with speed and precision in modeling distressed debt, cash burn, working capital, and restructuring costs.
- Crisis & Change Management Focus: Strong pragmatic drive—comfortable working with incomplete data, fast-paced execution timelines, and operational ambiguity.
Mindset & Soft Skills
- Entrepreneurial Mindset: Hands-on "equity entrepreneur" attitude—willing to roll up sleeves and engage directly in portfolio turnaround activities.
- Resilience & Candor: Excellent interpersonal and negotiation skills to deal directly with distressed sellers, union representatives, and portfolio management teams.