Knorr-Bremse takes majority stake in Duagon

SWITZERLAND Industrial Equipment / Components / Electrical Equipment EV €500M–1.5bn

Context

This transaction represents a strategic corporate acquisition wherein Knorr-Bremse agrees to fully acquire duagon Group. The operation effectively facilitates a complete exit for the historical private equity sponsor, Deutsche Beteiligungs AG (DBAG), from the target's capital structure. Financed entirely through the acquirer's available liquidity and existing credit lines, the deal also includes a potential performance-based earn-out component. The primary strategic rationale underpinning this consolidation is to highly complement Knorr-Bremse's existing safety electronics division with duagon Group's specialized rail signaling technology. This powerful integration is designed to drastically accelerate international growth, generate massive operational and revenue synergies, and solidify the acquirer's undisputed leadership in the global rail market.

Duagon, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.3x in 2025).

-> Deep-dive in Industry & Manufacturing market trends

Target

Founded in 1995, Duagon Group is a leading global provider of hardware and software solutions for safety-critical applications in the rail industry. The company’s business model focuses on the development of communication, computing, and control technology for rolling stock and railway signaling. Its value proposition is centered on high-reliability electronics that ensure the safe operation of trains, including TCN (Train Communication Network) gateways and modular embedded computers. Strategically, the firm operates as a key technology partner for rail vehicle manufacturers, employing approximately 750 people across eight countries with a primary focus on the European market. Through its integrated hardware and software approach, duagon enables the digitalization and automation of rail transport systems, providing critical infrastructure for modern signaling technology.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

15x–25x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2026

2025

Similar deals in Industrial Equipment

Similar deals in Industrial Equipment
Date	Acquirer	Target	Country	Sector
10/2025	NEXANS	ELECTRO CABLES	CANADA	Cabling & Connectivity
10/2025	SOFTBANK	ABB ROBOTICS BUSINESS	SWITZERLAND	Robotics & Automation
09/2025	MIRION	PARAGON ENERGY SOLUTIONS	UNITED STATES	Instrumentation & Measurement
08/2025	APOLLO GLOBAL MANAGEMENT	KELVION	GERMANY	Boilers & Thermal Solutions
07/2025	KKR	SPECTRIS	UNITED KINGDOM	Lab & Scientific Equipment
07/2025	AMETEK	FARO TECHNOLOGIES	UNITED STATES	Instrumentation & Measurement
07/2025	DXP ENTERPRISES	MOORES PUMP & SERVICES	UNITED STATES	Valves, Pumps & Taps
06/2025	BC PARTNERS	IGS GEBOJAGEMA	NETHERLANDS	Machine Tools
05/2025	LATOUR CAPITAL	ROLLAKIN (BOLLIN / ROLLIN)	FRANCE	Components
03/2023	ALPHA PRIVATE EQUITY / PENINSULA CAPITAL	PRIMA INDUSTRIE	ITALY	Machine Tools

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Duagon by Knorr-Bremse are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: duagon

Acquirer: knorr-bremse

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Duagon, a Swiss company specialised in Components, by Knorr-Bremse in 2025.

How was the acquisition of Duagon by Knorr-Bremse valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Duagon’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Duagon generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2026). Detailed financial figures are available to members.

How does the valuation of Duagon compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.3x in 2025).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.