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. The transaction represents a strategic corporate carve-out that will establish Merak as a focused standalone company well-positioned to capitalize on continued investment in rail infrastructure and sustainable transportation around the world. 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, positioning the business as a differentiated player in the global rail HVAC market.
With this acquisition, OpenGate is unlocking the next phase of growth for Merak by supporting the business as a focused, independent company. The carve-out will allow Merak's management team to accelerate investment in the platform, deepen customer relationships, and pursue new opportunities across original equipment and aftermarket channels, all supported by broader secular tailwinds in rail infrastructure buildout, fleet modernization, and the global shift toward sustainable transportation. Speaking about the impact of the acquisition, Joshua Adams, Partner at OpenGate Capital, stated:
"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. Supported by continued investment in rail infrastructure and sustainable transportation around the world, we believe Merak is well positioned for long term success."
The transaction reflects OpenGate's extensive experience executing complex corporate carve-outs and cross-border transactions, a hallmark of the firm's investment strategy over the past two decades. 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.
Headquartered in both New York and Paris, OpenGate is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Since its founding in 2005, OpenGate has executed more than 40 platform acquisitions across Europe and North America, with a particular focus on complex carve-outs and cross-border transactions that require operational expertise and hands-on partnership with management teams.
Knorr-Bremse, the seller in the transaction, is a publicly listed German industrial company and one of the world's leading manufacturers of braking systems and other rail and commercial vehicle technologies. The divestiture of Merak allows Knorr-Bremse to continue focusing its portfolio on its core rail and commercial vehicle systems businesses.
McDermott Will & Schulte served as legal counsel to OpenGate in connection with the transaction, and Macquarie Capital served as M&A advisor.
The acquisition of Merak underscores OpenGate Capital's commitment to strategic growth and its efforts to strengthen its position as a leading global investor in complex corporate carve-outs, while supporting Merak's next phase as a focused, standalone leader in the global rail HVAC market.
