EQT Partners’ latest buyout fund EQT VIII has agreed to acquire Swedish train connection parts producer Dellner Couplers.

The financial terms of the agreement were not divulged.

Established in 1941, Dellner Couplers employs around 950 people globally.

Its product portfolio includes a full suite of train connection systems such as couplers, gangways, hatches, dampers and crash management systems. The company also provides after-sales support services.

Last year, Dellner generated sales of nearly Skr1.9bn ($200m).

“The passenger rail market is resilient and growing, and Dellner is uniquely positioned with significant potential.”

EQT partner and EQT VIII investment adviser Carl Johan Renström said: “The passenger rail market is resilient and growing, and Dellner is uniquely positioned with significant potential.

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“EQT is deeply impressed with what the Dellner management team has achieved and looks forward to supporting the team to further develop the company.”

Following the acquisition, EQT will assist Dellner in making further investments in research and development.

The company stated that an industrial board of directors with significant experience will work to support growth.

EQT Partners head of sustainability Therése Lennehag said: “Rail is the most energy efficient solution for passenger and freight transport and is an important part of a future low to zero-emission mobility system.

“From a social perspective, rail offers not only the safest mean of transportation, but it is also affordable and accessible for everyone.”

Subject to customary closing conditions, the acquisition is expected to close in June.

EQT is an investment firm with more than €61bn in raised capital across 29 funds. It is said to have nearly €40bn in assets under management.