Mutares considers IPO for Nord Gas Solutions

Mutares is considering a potential initial public offering (IPO) for its subsidiary, Nord Gas Solutions (NGS). The Munich-based private equity firm is working with financial advisors to evaluate how to realize the value of its stake in the company.

NGS, which originated from the gas business of the Finnish group Wärtsilä, specializes in gas handling, fuel supply, regasification, and liquefaction systems. The company serves shipyards, gas producers, and energy infrastructure developers. NGS reports a record order backlog of €880 million and expects revenue to exceed €575 million in 2026.

The company, headquartered in Asker, Norway, employs approximately 500 people across nine global locations, with major operational sites in Norway, Sweden, and Poland. Management attributes growth to rising global energy demand and increased investment in LNG and gas infrastructure driven by sectors such as AI and data centers.