Ande Investissements takes majority stake in Delachaux

Ande Investissements finalised the acquisition of La Caisse’s 44 % stake in Delachaux International for an enterprise value of €1–10bn. The transaction, announced on 3 September 2026, transfers the remaining minority interest to the family‑controlled vehicle, leaving Ande with quasi‑total ownership of the engineering group while a small pool of managers retains a residual share. Hottinguer acted as legal adviser to the sellers, having previously overseen the 2011 and 2018 capital‑structure processes. The deal follows a summer 2025 debt refinancing that provided the liquidity needed to complete the purchase and to fund the July 2025 divestment of the Austrian subsidiary Frauscher Sensor Technology to Wabtec for €675 million. By regaining full control, the fourth‑generation Delachaux family intends to concentrate on strengthening the group’s human, industrial, commercial and financial fundamentals and to accelerate the shift toward new railway technologies. The transaction is underpinned by a revenue of €1–10bn in 2025 and an EBITDA margin of [members only]. The acquisition also removes the last vestige of financial‑institution ownership, allowing the family to pursue organic growth across its three core businesses (Pandrol, Conductix‑Wampfler and DCX Chrome) without external shareholder constraints. The strategic rationale is therefore anchored in preserving the long‑term independence of a centennial ETI, leveraging its global market position in rail infrastructure, energy‑management systems and chrome metal solutions, and deploying the newly available cash‑flow to expand its technology portfolio and geographic footprint.

In the past, Delachaux was acquired by CDPQ - Caisse de Depot et Placement du Quebec in 2018 as part of its expansion strategy.