OpenGate Capital acquires global rail HVAC manufacturer Merak
The acquisition of the Knorr-Bremse business extends OpenGate's industrial portfolio with a global rail climate control platform operating from facilities in Spain, Austria, Australia, the United States, China and India.
OpenGate Capital agreed to acquire Merak, the global rail heating, ventilation and air conditioning business, from Knorr-Bremse, in a corporate carve-out that creates a standalone platform.
Merak, headquartered in Getafe, Spain, designs, manufactures and services HVAC systems for rail vehicles, generating diversified revenue across original equipment and aftermarket programs throughout the rolling stock lifecycle.
The company draws on more than 60 years of engineering expertise and supplies customers from facilities in Europe, North America, Asia and Australia.
The transaction, expected to close by year-end 2026, reflects OpenGate’s strategy of acquiring corporate carve-outs with established market positions and transforming them into standalone businesses through operational investment.
McDermott Will & Schulte served as legal advisor to OpenGate, while Macquarie Capital acted as M&A advisor.
Deal facts
- Target
- Merak
- Buyer
- OpenGate Capital
- Sponsor
- OpenGate Capital
- Seller
- Knorr-Bremse
- Deal type
- Platform
- Headquarters
- Global
- Announced
- Wednesday, July 29, 2026
Sources
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.