Private Equity Associate - Mid-Market in London

Investment Associate – Special Situations & Turnarounds (Mutares London)

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.