The German private equity fund and holding company Mutares, specialized in buying companies with room for improvement, has recently acquired Siemens Energy Engines (formerly Motores Guascor), a company based in Zumaia and our main supplier of marine engines.

Siemens Energy Engines (formerly Motores Guascor)

The acquisition of Siemens Energy Engines (formerly Motores Guascor) increases the engineering and technology segment of Mutares, which specializes in acquiring medium-sized companies and carve-outs from business groups with a presence in Europe. To be acquired by the fund, companies have to show clear potential for operational improvement and revenues of between €20 million and €500 million.

Siemens Energy’s subsidiary, Siemens Energy Engines, is the division dedicated to the manufacture of gas and diesel engines for marine use, as well as for power generation and cogeneration and waste-to-energy. It has a workforce of 270 employees worldwide, with two complementary engine platforms, serving internationally. It also has an R&D center in Miñano (Álava) that offers customized solutions, and is well positioned to benefit from the decarbonization and decentralization of the oil, gas, and energy market.

The closing of the transaction is being carried out by Cuatrecasas -Mutares’ advisor-, Santander Corporate & Investment Banking and CMS Law -Siemens Energy’s advisors-. Negotiations are expected to be completed by September 2022.

Mutares, a fund in constant growth

The acquisition of Siemens Energy Engines (formerly Motores Guascor) is Mutares’ second operation in Spain. The group opened an office in Madrid in 2020. However, in view of the increase in its team, it plans to change offices before the end of 2022. In 2021, the Mutares Group generated revenues of approximately €2.5 billion and for this year it expects revenues of at least €4 billion.

The German holding company, with more than 14,000 employees worldwide, is listed on the Frankfurt Stock Exchange, is headquartered in Munich and has offices in Frankfurt, Amsterdam, Paris, Helsinki, Madrid, Milan, London, Stockholm and Vienna.