Private equity firm, OpenGate Capital, has signed a definitive agreement to acquire Merak, the global rail HVAC business of Knorr Bremise.
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 modernisation 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.
OpenGate partner, Joshua Adams, said Merak is a high quality business.
“Throughout the process, we have been consistently impressed by the strength of the business and the expertise of its management team,” Adams said.
“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 is expected to close by the end of the 2026 calendar year.