SPAIN: Knorr-Bremse has signed an agreement to sell its rolling stock heating, ventilation and air-conditioning systems business unit Merak to global private equity firm OpenGate Capital.
Announcing the agreement on July 28, Knorr-Bremse said it was ‘sharpening its portfolio’ to focus on ‘core technological competencies, profitable growth and sustainable economic success’.
Headquartered at Getafe in Spain, Merak has 1 500 employees at facilities in Spain, Austria, Australia, the USA, China and India. It offers a comprehensive portfolio of HVAC services, including original equipment, aftermarket services, spare parts, modernisation and overhaul. The company is expected to generate revenues of approximately €360m in the 2026 financial year.
‘Merak is a high quality business with a market leading position, differentiated technology and a global customer base built over decades’, said Joshua Adams, Partner at OpenGate Capital. ‘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. Supported by continued investment in rail infrastructure and sustainable transportation around the world, we believe Merak is well positioned for long term success.’
Subject to customary conditions and regulatory approvals. the transaction is expected to close by the end of 2026.
Perella Weinberg served as exclusive financial adviser to Knorr-Bremse, while OpenGate was advised by McDermott Will & Schulte (Legal) and Macquarie Capital (M&A).
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