In March 2025, Wabtec entered into a definitive agreement to acquire the company for $960 million in cash, financed through cash on hand and short-term debt.
The acquisition, Wabtec said at that time, was “anticipated to provide immediate shareholder value with an accretive growth profile, accretive Adjusted EBIT margins, accretive Adjusted EPS in the first year of ownership and accretive return on invested capital (ROIC) over time.” The transaction was subject to customary closing conditions and regulatory approvals.
“The purchase price reflects an estimated multiple of 12.5x projected 2025 EBITDA adjusted for transaction costs and projected run-rate cost synergies of $22 million which we expect to be realized over a three-year period,” Wabtec noted last year. “Dellner Couplers is expected to generate approximately $250 million of revenue in 2025 and expected growth that will exceed the company’s average growth over the next five years.”
Dellner Couplers is an 84-year-old supplier of highly engineered safety-critical train connection systems and services for passenger rail rolling stock. With a global installed base of approximately 100,000 couplers and 12,500 gangways, it provides an extensive offering in train connection systems, with production, assembly and aftermarket services facilities in 13 countries serving more than 200 customers.
“This strategic acquisition brings highly attractive and complementary technologies to Wabtec and positions the company for accelerated, profitable growth, while strengthening its portfolio of mission-critical passenger rail systems,” according to Wabtec.
“The addition of Dellner Couplers marks a major step forward in strengthening our Transit business and expanding our portfolio of offerings for this segment,” Wabtec President and CEO Rafael Santana said Feb. 11. “The combination of our expertise and global reach will enable us to deliver more innovative, reliable and sustainable solutions to the rail industry.”
“The strength of Dellner Couplers’ management team and industry-leading solutions will accelerate our growth strategy in the passenger rail market,” Wabtec Transit President Pascal Schweitzer commented. “The addition of Dellner Couplers aligns with our long-term vision of driving innovation, productivity, safety and reliability for passenger rail on a global scale.”
Dellner Couplers is the sixth Wabtec acquisition since November 2024. The company has also added Frauscher Sensor Technology Group GmbH, Inspection Technologies, Fanox, Kompozitum, and Bloom Engineering to its portfolio.
Further Reading:
- Wabtec: ‘Strong’ 4Q25, Full-Year Results
- For CSX, $670MM Power Upgrade Order
- Wabtec Lands $1.2B UP Locomotive Overhaul Order
- CPKC, NS Advance Locomotive Modernizations
- Wabtec, Indian Railways Celebrate Start of Locomotive Service in West Bengal
- Watch: NY MTA Exercises Option for More Wabtec R255s
Railway Age Executive Editor Marybeth Luczak contributed to this report.
