The DACH region's locomotive manufacturing industry focuses on designing and producing rail vehicles, safety systems, and related technologies. Companies range from specialized firms creating cutting-edge braking systems to larger corporations that integrate various transport solutions. There is a robust emphasis on sustainable development, with investments increasingly directed toward eco-friendly technologies and automated systems to enhance efficiency. With growing urbanization, there is a shift towards electric and hybrid trains, pushing companies to innovate and adapt. This ongoing transformation promotes fresh opportunities and collaborations within the sector, laying the groundwork for a greener, more efficient transportation future.


This article highlights ten key investors in the DACH locomotive manufacturing sector, showcasing a mix of corporations and private equity firms. Corporate giants like Siemens and Knorr-Bremse, established over a century ago, contrast with smaller private equity firms concentrating on strategic growth. These investors vary in size, from thousands of employees to small teams, focusing on important deals in 2024. With backgrounds rooted in industrial technology and automotive sectors, they are shaping the future landscape by directing funds toward innovative projects and partnerships.


Top 10 Locomotive Manufacturing Investors in DACH


1. Siemens

  • Website: siemens.com
  • Type: Corporate
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 1847
  • Headcount: 10001+
  • Number of deals in 2024: 11
  • LinkedIn: siemens

Siemens AG, founded in 1847 and headquartered in Munich, Bavaria, Germany, is a prominent technology conglomerate specializing in various sectors, including industrial automation, energy solutions, health technology, and notably, rail transport. With a workforce of approximately 320,000 employees, Siemens generates substantial revenue globally. The company has made significant investments in the locomotive manufacturing context, particularly through its subsidiary Siemens Mobility. Noteworthy transactions include the acquisition of Sqills, a Dutch rail software company, for €550 million, which enhances Siemens' offerings in inventory management and ticketing for public transport. This acquisition, along with others, underscores Siemens' commitment to advancing rail transport technologies and solutions, positioning it as a key player in the locomotive manufacturing industry.


2. Capvis AG

  • Website: capvis.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1990
  • Headcount: 11-50
  • LinkedIn: capvis

Capvis AG is a private equity firm based in Baar, Zug, Switzerland, founded in 1990. The firm specializes in managing investments across various sectors, including healthcare and industrial technology. Capvis partners with institutional investors, such as pension funds, to provide long-term capital and strategic growth opportunities. They focus on enhancing the market position of their portfolio companies through effective management and consulting. Among their notable transactions, Capvis invested in Stadler Rail in 2006, a key player in the locomotive manufacturing industry, which highlights their engagement in this sector. Additionally, they have made acquisitions in other companies like Variosystems, which specializes in engineering and manufacturing services, further showcasing their interest in industrial technology.


3. Volkswagen Group Investor Relations


Volkswagen Group Investor Relations is a corporate investor based in Wolfsburg, Lower Saxony, Germany, founded in 1937. As a major automotive manufacturer and energy solutions provider, Volkswagen Group offers a range of products, including electric vehicles and charging solutions. The company operates through a multi-brand strategy, providing integrated solutions that encompass electric vehicles and renewable energy services. Notably, Volkswagen Group acquired Scania in 2008, a significant player in the commercial vehicle sector, which includes manufacturing trucks and buses. This acquisition aligns with their interest in expanding their footprint in the transportation industry. Additionally, Volkswagen has made strategic investments in companies like Anhui Jianghuai Automobile Group to enhance its competitive position in the automotive market, further demonstrating its commitment to innovation and growth in related sectors.


4. Knorr-Bremse AG

  • Website: knorr-bremse.com
  • Type: Corporate
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 1905
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: knorr-bremse

Knorr-Bremse AG, founded in 1905 and based in Flensburg, Schleswig-Holstein, Germany, is a leading manufacturer specializing in braking systems and safety-critical components for both rail and commercial vehicles. With a workforce exceeding 10,000 employees, the company has a global presence and is committed to innovation in the mobility industry. Notably, Knorr-Bremse has made strategic acquisitions to enhance its capabilities in the rail sector, including the acquisition of Selectron Systems AG in 2015, which bolstered their portfolio in train control technology. Additionally, they have invested in RailVision, a company focused on rail technology, demonstrating their commitment to advancing rail vehicle automation. Their establishment of Knorr-Bremse RailServices (UK) Limited, following the acquisition of Railcare's rail vehicle component and overhaul business, further emphasizes their role in improving train maintenance and repair services, showcasing their integral position in the locomotive manufacturing landscape.


5. Deutsche Beteiligungs AG

  • Website: dbag.com
  • Type: Private Equity
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1965
  • Headcount: 51-200
  • Number of deals in 2024: 2
  • LinkedIn: deutsche-beteiligungs-ag

Deutsche Beteiligungs AG is a private equity firm based in Frankfurt, Hesse, Germany, founded in 1965. The firm specializes in investments in mid-sized companies and focuses on providing capital and advisory services to enhance the growth potential of its portfolio companies. While its primary sectors include telecommunications, IT services, software, and healthcare, Deutsche Beteiligungs AG has also made significant investments in the railway sector. Notably, the firm acquired duagon AG in June 2017, a Swiss provider of network components for railway vehicles, indicating its engagement in the locomotive manufacturing context. This acquisition involved a management buyout and a planned investment of up to 14 million euros, showcasing the firm's commitment to enhancing the growth of companies within the railway industry. Other acquisitions, such as those of Silbitz Group, Broetje-Automation, Sjølund, and Clyde Bergemann Power Group, further illustrate Deutsche Beteiligungs AG's diverse investment strategy, although they are less directly related to locomotive manufacturing.


6. Vossloh

  • Website: vossloh.com
  • Type: Corporate
  • Headquarters: Werdohl, North Rhine-Westphalia, Germany
  • Founded year: 1883
  • Headcount: 1001-5000
  • Number of deals in 2024: 3
  • LinkedIn: vossloh

Vossloh AG, founded in 1883 and based in Werdohl, North Rhine-Westphalia, Germany, is a prominent rail technology company specializing in rail infrastructure solutions. With a workforce of 1001-5000 employees, Vossloh operates globally, providing a range of products including rail fastening systems, concrete ties, and maintenance services to railway operators and construction firms. The company has made strategic acquisitions to enhance its market position, such as the acquisition of Sateba, a major manufacturer of concrete sleepers in Europe, for approximately 450 million euros, expected to close in spring 2025. Additionally, Vossloh acquired Rocla Concrete Tie, a US-based rail infrastructure company, for about $117.2 million, which is anticipated to strengthen their presence in North America. These transactions reflect Vossloh's commitment to innovation and sustainability in the rail sector, ensuring the reliability and efficiency of rail transport systems.


7. Deutz Ag

  • Website: deutz.com
  • Type: Corporate
  • Headquarters: Herten, North Rhine-Westphalia, Germany
  • Founded year: 1864
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: deutzofficial

DEUTZ AG, founded in 1864 and based in Herten, North Rhine-Westphalia, Germany, is a prominent engine manufacturer specializing in advanced drive systems and engine technology. The company offers a diverse range of products, including diesel, hydrogen, and electric engines, along with spare parts and maintenance services. DEUTZ's customer base spans various industries, including agriculture, construction, and transportation, where reliable engine performance is crucial. In recent years, DEUTZ AG has made strategic investments to enhance its capabilities in alternative powertrains, such as acquiring an 11.91% stake in Blue World Technologies, a company focused on methanol fuel cell technology, which could have applications in the transportation sector, including locomotives. Furthermore, their acquisition of Blue Star Power Systems is expected to significantly boost their revenue and expand their market presence. These transactions reflect DEUTZ's commitment to innovation and adaptation in the evolving landscape of engine technology, making them a relevant player in the locomotive manufacturing context.


8. Voith Group

  • Website: voith.com
  • Type: Corporate
  • Headquarters: Heidenheim, Baden-Württemberg, Germany
  • Founded year: 1867
  • Headcount: 10001+
  • LinkedIn: voithgroup

Voith Group, founded in 1867 and based in Heidenheim, Baden-Württemberg, Germany, is a corporate investor specializing in innovative solutions across various industries, including energy, paper, raw materials, and transport. With a workforce of over 10,000 employees, Voith has positioned itself as a leader in technology and efficiency. Notably, Voith has made strategic acquisitions in the locomotive manufacturing context, such as the planned acquisition of IGW Rail, a company specializing in gear units for rail vehicles, which aims to strengthen Voith's position in the rail vehicle gear unit market. Additionally, their acquisition of BHS Getriebe GmbH, a gear manufacturer, further emphasizes their commitment to enhancing their manufacturing capabilities in the rail sector. Voith's acquisition of Pilotfish, a cloud-based applications provider for public transport, also showcases their investment in technologies that support the transportation industry, including rail systems.


9. Siemens Financial Services


Siemens Financial Services, based in Munich, Bavaria, Germany, is a corporate investor founded in 1997. As part of Siemens, a leading technology company, they specialize in various sectors including industry, infrastructure, mobility, and healthcare. Siemens Financial Services combines technological expertise with financial services to support customer growth and efficiency. Notably, they have been involved in transactions that, while not exclusively focused on locomotive manufacturing, indicate a strong interest in transportation technologies. For instance, their financing of Luminator Technology Group, which provides lighting and display technology for mass transportation, and their participation in funding rounds for companies like KORE Power, which is involved in energy solutions that could support electric locomotives, highlight their engagement in sectors that intersect with locomotive manufacturing. This positions them as a relevant investor in the broader context of mobility and transportation solutions.


10. PCS Holding AG


PCS Holding AG is a corporate investment holding company based in Frauenfeld, Thurgau, Switzerland. The firm is focused on supporting the development of its portfolio companies across various industries, notably including rail vehicle manufacturing, textile machinery, and automotive components. In recent transactions, PCS Holding AG acquired a 51% stake in Sönmez Transformatör Sanayi ve Ticaret Anonim Şirketi, a leading manufacturer of transformers and reactors, which is relevant to the electrification aspect of rail vehicle manufacturing. Additionally, while their investments in companies like Northvolt, a battery manufacturer, are primarily focused on the automotive sector, they reflect a broader interest in technologies that could also benefit the rail industry. Overall, PCS Holding AG's diverse investment strategy includes a clear focus on sectors that intersect with locomotive manufacturing.



Locomotive Manufacturing Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
SiemensMunich, Bavaria, Germany10001+184711
Capvis AGBaar, Zug, Switzerland11-5019900
Volkswagen Group Investor RelationsWolfsburg, Lower Saxony, Germany10001+19371
Knorr-Bremse AGFlensburg, Schleswig-Holstein, Germany10001+19052
Deutsche Beteiligungs AGFrankfurt, Hesse, Germany51-20019652
VosslohWerdohl, North Rhine-Westphalia, Germany1001-500018833
Deutz AgHerten, North Rhine-Westphalia, Germany1001-500018644
Voith GroupHeidenheim, Baden-Württemberg, Germany10001+18670
Siemens Financial ServicesMunich, Bavaria, Germany1001-5000199715
PCS Holding AGFrauenfeld, Thurgau, Switzerland1-100


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