Mutares SE & Co. KGaA (0UTK), the Munich-headquartered listed private equity holding company traded on Frankfurt Stock Exchange under the symbol "MUX", has signed an agreement to sell its portfolio company Guascor Energy to Oaktree's Power Opportunities strategy for an equity value of EUR 74.0 million. The transaction covers both Guascor Energy S.A.U. and its sister company Guascor Power USA, Inc., and is expected to close by the end of Q4 2026, subject to merger control approvals. The exit represents another disposal from Mutares' Energy & Technology segment, following its earlier sale of NEM Energy, and underlines the firm's carve-out and operational repositioning strategy.

Key Points

  • Mutares SE & Co. KGaA (0UTK), ISIN: DE000A2NB650, listed on Frankfurt Stock Exchange (MUX), SDAX member
  • Signed agreement to sell Guascor Energy S.A.U. and Guascor Power USA, Inc. to Oaktree's Power Opportunities strategy
  • Equity value of EUR 74.0 million; closing expected by end of Q4 2026, subject to customary conditions including merger control approvals
  • Investors should watch for confirmation of regulatory clearances and transaction closing ahead of Mutares' next portfolio update

Guascor Energy: Spanish Basque Country Engineered Power Solutions Business Acquired from Siemens Energy in 2022

Guascor, headquartered in the Spanish Basque Country with a heritage dating back to 1966, designs, manufactures and services engineered energy solutions across power generation, cogeneration, waste-to-energy and marine applications. The company employs more than 200 people and serves an international customer base through a global aftermarket offering. Combining proprietary gas and diesel engine technology with in-house engineering, Guascor produces highly configurable systems ranging from standalone engines to fully containerised solutions. Mutares originally acquired Guascor from Siemens Energy in November 2022 as a carve-out transaction, marking Mutares' first platform investment in Iberia.

Mutares' Value Creation Programme Repositioned Guascor and Grew Aftermarket Sales Before EUR 74.0 Million Exit

During Mutares' ownership, Guascor recovered its original brand identity and underwent a comprehensive value creation programme centred on efficiency improvements, product quality investment and enhanced customer service. The announcement states that Mutares also strengthened Guascor's commercial strategy by leveraging its large installed engine base to grow aftermarket revenues, deepening direct end-customer relationships, and targeting larger-scale projects. These operational steps were designed to stabilise and reposition the business ahead of a disposal — consistent with Mutares' stated model of acquiring companies in transition and reselling them following improvement.

Oaktree Power Opportunities Strategy to Assume Ownership as Global Energy Transition Drives Sector Demand

Oaktree's Power Opportunities strategy will take ownership of Guascor upon closing, with the announcement noting that the energy sector benefits from increasing global demand for reliable, efficient and lower-emission power generation, decentralisation of energy supply, and energy security considerations. The transaction is subject to customary closing conditions, including merger control approvals, with completion targeted by end of Q4 2026. Completion remains contingent on regulatory clearance, representing the principal near-term execution risk for the transaction as disclosed in the announcement.

Guascor Sale Follows NEM Energy Exit and Extends Mutares' Energy & Technology Segment Disposal Track Record

The Guascor disposal is described in the announcement as another successful exit within Mutares' Energy & Technology segment, following the earlier sale of NEM Energy. CIO Johannes Laumann stated that the transaction "again confirms our ability to turn around complex carve-outs and to build successful Energy Equipment and Process Businesses," adding that Guascor has been turned into "an independent, profitable energy business." Mutares, which maintains offices across sixteen cities globally including Munich, London, Madrid and Chicago, pursues a sustainable minimum dividend policy and focuses on operational transformation as its core value-creation mechanism.