Conexus

Who owns Conexus?

Conexus is an Italian Energy company, now owned by ATS - Advance Technologies System, which acquired it in 2026 from Mutares.

About Conexus

Conexus is an Italian energy-infrastructure services company that designs, builds and maintains electrical power distribution networks nationwide, spanning high-voltage lines, medium and low-voltage networks, transformation substations, renewable wind and solar installations, data-center interconnections, battery energy storage systems and e-mobility charging solutions. It serves the country's regulated grid operators, including Terna and e-Distribuzione, positioning itself as a specialist contractor to Italy's electricity transmission and distribution build-out. According to its own disclosures, the company operates from ten operational headquarters with more than 320 qualified professionals and around 400 specialized technical vehicles deployed across Italy. It holds a broad certification base covering quality, environmental, safety, energy and anti-bribery standards.

Ownership journey

Conexus was built out of the energy activities of Sirti, the Italian network-engineering group, and traded for a period as Sirti Energia. In September 2022 Mutares acquired the energy business as a carve-out through its evergreen investment platform, taking control of an operation that needed to be established as a standalone company and returned to sustainable profitability. Mutares held the business as an operational-improvement mandate, rebranding it as Conexus and steering its turnaround. Mutares exited in 2026 via a trade sale, with the agreement signed in December 2025 and closing in the first quarter of 2026; no acquirer is named on this sheet.

Under PE ownership

Under Mutares ownership Conexus was separated from its former parent, restructured and rebuilt into an independent electrical-infrastructure contractor with its own operational footprint. Management returned the company to clearly positive operating results and expanded it into the fast-growing data-center and private-connection segments, broadening the customer base beyond the regulated grid operators. By 2024 the business generated revenue of about EUR 104 million with EBITDA of around EUR 8 million, up materially from the loss-making carve-out Mutares had taken on. The recovery and repositioning underpinned the 2026 sale of the business to a strategic buyer.