Mutares has signed an agreement for the sale of Guascor Energy to Oaktree

Mutares has signed an agreement for the sale of Guascor Energy to Oaktree
 

• Guascor Energy is a provider of tailored energy solutions across a broad range of power outputs and fuel types, serving power generation, cogeneration, waste-to-energy, and marine applications
• Following a thorough value creation plan, Mutares, together with management, has repositioned Guascor, ready for its Next growth phase under Oaktree ownership
• Equity Value of EUR 74.0 million

Munich, November 11, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) has signed an agreement to sell its portfolio company Guascor Energy S.A.U. and its sister company Guascor Power USA, Inc. (together “Guascor” or “Guascor Energy”) to Oaktree’s Power Opportunities strategy (“Oaktree” or “Oaktree Power Opportunities”) for an Equity Value of EUR 74.0 million. Closing is expected by the end of Q4 2026 and is subject to customary conditions, including merger control approvals.

Guascor, headquartered in the Spanish Basque Country, is a provider of engineered energy solutions for power generation, cogeneration, waste-to-energy and marine applications with a heritage dating back to 1966. Combining strong in-house Engineering capabilities with proprietary gas and diesel engine technology, the company designs, manufactures and services highly configurable systems tailored to customers’ specific requirements, ranging from standalone engines to fully containerized solutions. Guascor serves an international customer base, supported by a global aftermarket offering, and employs more than 200 people.

Mutares acquired Guascor from Siemens Energy in November 2022 as part of a carve-out transaction, marking its first platform investment in Iberia. During Mutares’ ownership, the company recovered its original brand (“Guascor”) and implemented a comprehensive value creation program focused on efficiency enhancement measures, while preserving and investing in product quality and customer service. The company has also strengthened its commercial strategy by leveraging its large installed engine base to grow aftermarket sales, while strengthening direct relationships with end customers and targeting larger-scale projects to drive growth.

The transaction marks another successful exit for Mutares in its Energy & Technology segment after NEM Energy and underlines Mutares’ ability to create substantial shareholder value through operational transformation and strategic repositioning. The energy sector in particular is a key growth market and benefits from increasing global demand for reliable, efficient and lower-emission power generation solutions, the decentralization of energy supply, energy security considerations and the ongoing transition of the global energy system.

Johannes Laumann, CIO of Mutares, comments: “Following the successful exit of NEM and the major partial exit of Magirus Firefighting Business, as well as the strong outlooks for Nord Gas Solutions and Efacec as recently published, the sale of Guascor again confirms our ability to turn around complex carve-outs and to build successful Energy Equipment and Process Businesses. We turned Guascor into an independent, profitable energy business and are now delivering a strong result for our shareholders. With Oaktree, Guascor has found an excellent owner to support its future growth and success.”

Company profile of Mutares SE & Co. KGaA

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, Tokyo, Warsaw, and Vienna, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company pursues a sustainable minimum dividend policy.

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 part of the selection index SDAX.

For further information, please contact:

Mutares SE & Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
Email: ir@mutares.com
www.mutares.com

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