OpenGate Capital agrees to acquire Knorr-Bremse’s rail HVAC unit Merak
- Deal represents a carve-out of Merak from Knorr-Bremse, a publicly listed German industrial company
- Merak operates HVAC manufacturing and service facilities across Spain, Austria, Australia, the US, China and India
- OpenGate was advised by McDermott Will & Schulte on legal matters and Macquarie Capital on the M&A process
OpenGate Capital has signed a definitive agreement to acquire Merak, the global rail heating, ventilation and air conditioning (HVAC) business of Knorr-Bremse, a publicly listed German industrial company.
Headquartered in Getafe, Spain, Merak provides HVAC systems for rail vehicles, spanning original equipment, aftermarket services, spare parts, system modernization and overhaul. The company operates facilities in Spain, Austria, Australia, the US, China and India and serves rolling stock manufacturers worldwide.
“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. “… Supported by continued investment in rail infrastructure and sustainable transportation around the world, we believe Merak is well positioned for long term success.”
The deal reflects OpenGate’s experience executing complex corporate carve-outs and cross-border transactions, according to the statement. The acquisition is subject to customary regulatory approvals and other closing conditions and is expected to close by the end of 2026. Financial terms were not disclosed.
Founded in 2005 and headquartered in New York and Paris, OpenGate has completed more than 40 platform acquisitions across Europe and North America.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.
