Wabtec Corp.

• The EQT VIII fund has agreed to sell Dellner Couplers to Wabtec Corporation (NYSE: WAB)
• During EQT's ownership, Dellner Couplers has developed into a global leader in train connections systems, promoting safe and sustainable rail transportation

STOCKHOLM, March 18, 2025 /PRNewswire/ -- EQT is pleased to announce that the EQT VIII fund ("EQT") has signed a definitive agreement to sell Dellner Couplers ("Dellner" or "the Company"), a leading provider of train connection systems for passenger rail, to Wabtec Corporation (NYSE: WAB). The transaction values Dellner at approximately EUR 890 million.

Dellner Couplers is a global leader in train connection systems, providing safety-critical components and services to rail manufacturers and operators worldwide. Founded in 1941 in Vika, Sweden, the Company has grown from a family-owned business into one of the most trusted partners of the global rail industry with a strong presence across Europe, North America, and Asia. Its advanced product portfolio includes couplers, gangways, dampers, and aftermarket services, supporting reliable and efficient rail transportation.

Since EQT acquired Dellner in 2019, the Company has strengthened its commercial organization and improved its product portfolio through, for example, the acquisition of CAF MiiRA's coupling business and targeted investments in research and development. Dellner has also strengthened its sustainability credentials by introducing increased environmental standards across its operations and supply chain. Supported by an experienced industrial board led by Chairman Klaus Deller, these efforts have strengthened Dellner's market position and laid the foundation for continued growth and innovation.

Nils Ketter, Partner in the EQT Private Equity advisory team, said: "Dellner plays an important role in the train connection market and enables growth in rail transportation, thereby further supporting the shift toward greener mobility. We are grateful to the entire Dellner team for their dedication and hard work and impressed by their unwavering drive for continuous innovation and excellence. We are excited for Dellner and its employees as they join Wabtec, a strong platform from which they can continue to grow, thrive, and build on their expertise to deliver exceptional value to customers."

Fredric Håkansson, CEO of Dellner, added: "We are grateful for EQT's support in steering Dellner through a transformational period, helping to professionalize our organization, advance our product portfolio, and strengthen our commitment to sustainability. This transaction is a testament to the dedication of our entire team. As part of Wabtec, we look forward to further enhancing our innovations and delivering best-in-class solutions to customers worldwide."

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

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