Wabtec Acquires Dellner Couplers from EQT VIII Fund for EUR 890 Million, Strengthening Global Rail Safety

Wabtec Acquires Dellner Couplers from EQT VIII Fund for EUR 890 Million, Strengthening Global Rail Safety

(IN BRIEF) EQT VIII Fund has agreed to sell Dellner Couplers to Wabtec Corporation for approximately EUR 890 million. Under EQT’s ownership since 2019, Dellner evolved from a family-owned company in Sweden into a global leader in train connection systems for passenger rail. The company is renowned for its safety-critical components such as couplers, gangways, and dampers, as well as comprehensive aftermarket services. Enhancements made during EQT’s tenure include the acquisition of CAF MiiRA’s coupling business and strategic investments in R&D, alongside improved sustainability practices throughout its operations. These efforts, guided by Chairman Klaus Deller and supported by an experienced board, have cemented Dellner’s market position. Comments from EQT’s Nils Ketter highlight Dellner’s importance in advancing green mobility, while Dellner CEO Fredric Håkansson expresses gratitude for EQT’s support and excitement for the future under Wabtec. The sale, subject to regulatory approval, underscores Dellner’s role in promoting safe and sustainable rail transportation on a global scale.

(PRESS RELEASE) STOCKHOLM, 18-Mar-2025 — /EuropaWire/ — EQT VIII Fund is proud to announce that it has entered into a definitive agreement to sell Dellner Couplers, a world-renowned provider of train connection systems for passenger rail, to Wabtec Corporation (NYSE: WAB). The transaction, which values Dellner at approximately EUR 890 million, marks a significant milestone following EQT’s ownership period that began in 2019. During this time, Dellner evolved from a family-owned enterprise into a global leader in train connectivity, recognized for its commitment to safe and sustainable rail transportation.

Founded in 1941 in Vika, Sweden, Dellner Couplers has built a stellar reputation for delivering advanced safety-critical components and services to rail manufacturers and operators worldwide. Its comprehensive product portfolio—encompassing couplers, gangways, dampers, and an array of aftermarket services—plays a pivotal role in ensuring reliable and efficient rail operations across Europe, North America, and Asia.

Under EQT’s stewardship, Dellner underwent significant transformation, enhancing its commercial organization and broadening its product offerings. Notably, the acquisition of CAF MiiRA’s coupling business and targeted investments in research and development have been instrumental in reinforcing Dellner’s market position. The company has also bolstered its sustainability credentials by integrating higher environmental standards throughout its operations and supply chain, efforts that have been guided by an experienced industrial board led by Chairman Klaus Deller.

Nils Ketter, Partner in the EQT Private Equity advisory team, remarked, “Dellner is a cornerstone in the train connection market, playing a critical role in advancing rail transportation and supporting the shift toward greener mobility. We are extremely proud of the Dellner team’s relentless drive for continuous innovation and excellence. As they join Wabtec, we are excited for the new opportunities that will enable them to grow, thrive, and continue delivering exceptional value to customers.”

Fredric Håkansson, CEO of Dellner, added, “We deeply appreciate EQT’s support during our transformational journey, which helped us professionalize our organization, enhance our product portfolio, and strengthen our sustainability efforts. This transaction is a testament to our team’s dedication, and as part of Wabtec, we look forward to further advancing our innovations and offering best-in-class solutions to customers globally.”

The transaction is subject to customary conditions and regulatory approvals. EQT was advised by J.P. Morgan Securities Plc, Milbank, Vinge, and EY.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Dellner Couplers
Dellner is one of the world’s leading suppliers of Train Connection Systems, with more than 80 years of experience in the rail industry. Based in Falun, Sweden, with 17 subsidiaries around the world and more than 1,200 employees globally, Dellner continues with its steady, robust growth in couplers, gangways, front hatches, dampers and crash energy management, as well as the service segment of the rail industry. Founded in 1941, we have years of tested, proven experience in producing safe and reliable train connections, and providing innovative, state-of-the-art and cutting-edge products and sustainable solutions for our customers.

SOURCE: EQT AB