SWEDEN: Wabtec has announced a US$960m definitive agreement to acquire Dellner Couplers from EQT, saying the deal adds ‘highly attractive and complementary technologies’ to its passenger rolling stock component portfolio.
‘Dellner Couplers provides significant synergies by complementing our core Transit systems portfolio, servicing a joint customer base, and leveraging our strong service capabilities’, said Wabtec President & CEO Rafael Santana on March 18. ‘This acquisition aligns very well with our stated growth strategies to accelerate the innovation of scalable technologies, expand high margin recurring revenues and to drive improved operational performance.’
The transaction is subject to customary closing conditions and regulatory approvals. Wabtec is financing the deal through cash on hand and short-term debt. Dellner Couplers is expected to generate approximately US$250m of revenue in 2025.
‘The strength of Dellner Couplers’ portfolio of products and services, along with the management team’s track record of delivering industry-leading financial results will accelerate our long-term profitable growth strategy’, said Wabtec Transit President Pascal Schweitzer.
Founded in Vika in Sweden in 1941, Dellner Couplers now has production, assembly and aftermarket service facilities with more than 1 200 employees at 17 sites in 13 countries, serving over 200 customers with a global installed base of approximately 100 000 couplers and 12 500 gangways.
EQT acquired Dellner in 2019, since when the company has strengthened its commercial organisation and product range with the acquisition of CAF MiiRA’s coupling business and targeted investments in research and development.
‘We are grateful for EQT’s support in steering Dellner through a transformational period, helping to professionalise our organisation, advance our product portfolio, and strengthen our commitment to sustainability’, said Dellner CEO Fredric Håkansson. ‘As part of Wabtec, we look forward to further enhancing our innovations and delivering best-in-class solutions to customers worldwide.’
EQT was advised by JP Morgan Securities, Milbank, Vinge and EY.
