OpenGate Capital has entered into a definitive agreement to acquire Merak, the global rail heating, ventilation, and air conditioning (HVAC) business from Knorr-Bremse, a German industrial company. Merak, headquartered in Getafe, Spain, specializes in HVAC systems for rail vehicles, offering original equipment, aftermarket services, spare parts, and modernization. The company boasts operations across Spain, Austria, Australia, the US, China, and India, serving rolling stock manufacturers globally.

Joshua Adams, partner at OpenGate Capital, highlighted Merak's market-leading position and differentiated technology, noting its strong potential for "long term success" supported by global investments in rail infrastructure and sustainable transportation. This acquisition aligns with OpenGate's expertise in executing complex corporate carve-outs and cross-border transactions.

The deal is expected to close by the end of 2026, pending customary regulatory approvals and closing conditions. Financial terms of the transaction were not disclosed. OpenGate Capital, founded in 2005, has a track record of over 40 platform acquisitions in Europe and North America.