Mutares completes acquisition of Siemens Energy Engines
By Mike Brezonick02 November 2022
Global investment company Mutares SE & Co. KGaA announced it has successfully completed its acquisition of Siemens Energy Engines S.A.U. and related assets. No financial details were provided.
Siemens Energy Engines, which becomes part of Mutares’ Engineering & Technology segment, will operate as Guascor Energy.
“Today is our Day One,” said Guascor Energy in a statement on LinkedIn. “We go back to our origins, we are Guascor again, and we come to energize the world.”
Headquartered in Zumaia, Spain, Guascor Energy is a manufacturer of gas and diesel engines for power generation, cogeneration, waste-to-energy and marine applications. Its diesel engine range runs from 184 to 1324 kW (250 to 1800 hp), with gaseous fuel engines covering 185 to 2037 kW (252 to 2770 hp). It also has engines from 249 to 1052 kW (338 to 1430 hp) that can accommodate hydrogen blends up to 50%.
Founded in 1966, Guascor was acquired by Dresser-Rand in 2011 and it became part of Siemens Energy in 2015 when Dresser-Rand was purchased by Siemens.
The company supplies customized niche solutions to an international customer base and Mutares said it is well positioned to benefit from trends such as stationary power generation, decarbonization and decentralization of the oil and gas and energy markets. The engine business, which is Mutares’ first acquisition in Spain, employs around 270 people worldwide.
Mutares is an international private equity investor focused on the acquisition of parts of large corporations (carve-outs) and medium-sized companies in transitional situations.