M&A Deal Summary

Wabtec Acquires Dellner

On March 18, 2025, Wabtec acquired manufacturer Dellner from EQT for 960M USD

Acquisition Highlights
  • This is Wabtec’s 11th transaction in the Manufacturing sector.
  • This is Wabtec’s 3rd largest (disclosed) transaction.
  • This is Wabtec’s 1st transaction in Sweden.

M&A Deal Summary

Date 2025-03-18
Target Dellner
Sector Manufacturing
Buyer(s) Wabtec
Sellers(s) EQT
Deal Type Add-on Acquisition
Deal Value 960M USD

Target

Dellner

Falun, Sweden
Dellner is a niche provider of safety-critical train connection systems for passenger rail rolling stock. The company offers full train connection systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by aftermarket services and support. Dellner was founded in 1941 and is headquartered in Falun, Sweden.

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Buyer(S) 1

Buyer

Wabtec

Pittsburgh, Pennsylvania, United States

Category Company
Founded 1869
Sector Machinery
Employees29,500
Revenue 10.4B USD (2024)
DESCRIPTION

Wabtec is a provider of value-added, technology-based products and services for the rail industry. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars, and passenger transit vehicles. Wabtec builds new switcher and commuter locomotives and provides aftermarket services, including locomotive and freight car fleet maintenance. Wabtec was formed in 1869 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 48 of 48
Sector (Manufacturing) 11 of 11
Type (Add-on Acquisition) 39 of 39
Country (Sweden) 1 of 1
Year (2025) 2 of 2
Size (of disclosed) 3 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-14 Inspection Technologies

United States

Inspection Technologies delivers solutions that solve complex challenges, inspecting mission-critical assets and infrastructure with nondestructive testing, remote visual inspection, and analytical instruments for maintenance, manufacturing, and environmental applications.

Buy $1.8B

Seller(S) 1

SELLER

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 189 of 189
Sector (Manufacturing) 11 of 11
Type (Add-on Acquisition) 75 of 75
Country (Sweden) 34 of 34
Year (2025) 1 of 1
Size (of disclosed) 20 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-14 Crown Castle - Small Cells Solutions Business

Houston, Texas, United States

Crown Castle’s Small Cells Solutions business builds and operates small cells nationwide, serving mobile densification needs for cellular carriers. Crown Castle’s Small Cells Solutions business is based in Houston, Texas.

Buy $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-01 Eagle

Eastland, Texas, United States

Eagle is a full-service repair and maintenance facility strategically located across the United States. The Company now operates as a mission-critical, fully-integrated rail services facility network providing inspection, repair and maintenance services to railcars, ensuring the safe, efficient and low-carbon transport of hazardous and non-hazardous materials throughout the country. It serves as a trusted partner to customers across a diverse range of states and sectors, including chemicals, agriculture, energy and industrial manufacturing. Eagle was formed in 2001 and is based in Eastland, Texas.

Buy -