OpenGate Capital, a global private equity firm, has signed a definitive agreement to acquire Merak, the global rail HVAC business of Knorr-Bremse, a publicly listed German industrial company. Terms of the transaction were not disclosed.
Headquartered in Getafe, Spain, Merak is a leading global provider of HVAC systems for rail vehicles, with facilities across Spain, Austria, Australia, the United States, China, and India. The company offers a comprehensive portfolio of HVAC solutions spanning original equipment, aftermarket services, spare parts, system modernization, and overhaul. Built on more than 60 years of engineering expertise, Merak serves a global installed base and maintains long-standing relationships with many of the world’s leading rolling stock manufacturers.
The transaction reflects OpenGate’s extensive experience executing complex corporate carve-outs and cross-border transactions. The acquisition is subject to customary regulatory approvals and other closing conditions and is expected to close by the end of the 2026 calendar year. OpenGate was advised by McDermott Will & Schulte on legal matters and Macquarie Capital on M&A.
OpenGate is a global private equity firm headquartered in both New York and Paris, specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. The firm has been building and transforming businesses since 2005 and has executed more than 40 platform acquisitions across Europe and North America.
KEY QUOTE:
“Merak is a high quality business with a market leading position, differentiated technology and a global customer base built over decades. Throughout the process, we have been consistently impressed by the strength of the business and the expertise of its management team. We look forward to partnering with them to build on Merak’s strong foundation as a focused standalone company and support its next phase of growth.”
Joshua Adams, Partner, OpenGate Capital
