Alantra advises Mutares on the €74mn sale of Guascor Energy to Oaktree

Nov 2026

Sell-side advisory

Value €74mn

Madrid – Alantra has acted as financial advisor to Mutares SE & Co. KGaA (“Mutares”) on its agreement to sell Guascor Energy S.A.U. and Guascor Power USA, Inc. (together “Guascor”) to Oaktree’s Power Opportunities strategy for an equity value of €74mn. Closing is expected by the end of Q4 2026, subject to customary conditions, including merger control approvals.

Headquartered in Spain’s Basque Country, Guascor provides engineered energy solutions for power generation, cogeneration, waste-to-energy and marine applications. With a history dating back to 1966, the company combines proprietary engine technology with in-house engineering capabilities and a global aftermarket offering.

Mutares acquired Guascor from Siemens Energy in November 2022 through a carve-out transaction, marking its first platform investment in Iberia. Since then, Mutares and Guascor’s management team have implemented an operational transformation program focused on improving efficiency, strengthening commercial operations and expanding aftermarket sales, positioning the company for its next phase of growth.

Roberto León, Managing Partner at Alantra, commented: “Guascor’s transformation under Mutares’ ownership reflects the significant progress made in strengthening its operations, developing its aftermarket business and reinforcing its position in specialized power generation. This transaction marks an important milestone in that transformation and provides Guascor with a strong foundation for its next phase of development under Oaktree’s ownership.”

The transaction further strengthens Alantra’s track record in power generation and industrial aftermarket services, following recent mandates including advising Ethica Global Investments and WeBlade’s shareholders on the sale of WeBlade to IGI Private Equity, Mangrove Equity Partners on the sale of PowerParts Group to JLL Partners, TOPS Field Services on its sale to Capstreet, and Allied Power Group on its acquisition of EthosEnergy’s Generator division assets.