The locomotive manufacturing industry in Europe involves designing, fabricating, and maintaining trains and related equipment. Key participants include large corporations, specialized firms, and technology providers that focus on innovation in transport solutions. These companies not only produce rolling stock, like locomotives and carriages, but also develop components like braking systems and signaling technologies. With growing demand for sustainable transport and advances in automation, this sector is moving towards greener technologies and digital solutions, aimed at improving efficiency and passenger experience while reducing environmental impact.


The list of investors features a mix of private equity firms and corporate giants from various European countries such as the Netherlands, Sweden, and Germany. Established between 1847 and 2015, these investors range in size from small teams to thousands of employees. In 2024, their investment counts varied significantly, with some firms striking numerous deals while others participated more selectively. These dynamics illustrate a vibrant investment community dedicated to overseeing the future of the locomotive manufacturing sector.


Top 16 Locomotive Manufacturing Investors in Europe


1. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital firm based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through a range of services, including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions relevant to the locomotive manufacturing context, such as the investment in COMPIN, which raised over $11 million in 2015, and its support for Texelis, a company focused on transportation solutions. These investments indicate Bpifrance's engagement with companies that have the potential to impact the locomotive manufacturing industry.


2. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux, a private equity firm based in Amsterdam, specializes in acquiring and managing companies in transition. Founded in 2021, it is part of Mutares SE & Co. KGaA, which has a strong track record in enhancing profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has been involved in significant transactions relevant to the locomotive manufacturing context, such as the acquisition of Gemini Rail Group in November 2018, which positions them within the rail industry. Additionally, their acquisition of ADComms and Alan Dick Communications Limited, both providers of critical communications systems, further supports their strategic interest in enhancing operational capabilities within the rail sector. Their recent acquisition of Steyr Motors Betriebs GmbH also indicates a broader interest in transportation-related industries, reinforcing their relevance in the locomotive manufacturing space.


3. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Among their notable transactions, EQT acquired Dellner Couplers in 2019, a key player in train connection systems for passenger rail, highlighting their commitment to the locomotive manufacturing sector. Additionally, their acquisition of Hector Rail in 2014, a major independent rail freight company, further underscores their strategic focus on the rail industry. More recently, EQT's acquisition of EAGLE RAILCAR SERVICES in 2025 continues to reflect their ongoing investment in rail-related services, reinforcing their position as a significant investor in the locomotive manufacturing and rail transport sectors.


4. 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 leading technology conglomerate specializing in various sectors, including industrial automation, energy solutions, rail transport, and health technology. With a workforce of approximately 320,000 employees, Siemens generates significant revenue globally. Notably, Siemens Mobility, a subsidiary of Siemens AG, plays a crucial role in the rail transport sector. In recent years, Siemens has made strategic acquisitions to bolster its position in this industry, including the acquisition of Sqills for €550 million, which focuses on inventory management and ticketing software for public transport. This acquisition, along with Siemens' historical expertise in rail solutions, underscores its commitment to enhancing efficiency and sustainability in the locomotive manufacturing sector.


5. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has been involved in significant transactions, including the acquisition of MacGregor, a cargo handling specialist, which recorded sales of EUR 733 million in 2023. This acquisition, valued at EUR 480 million, highlights Triton's engagement in sectors related to transportation and logistics, which are relevant to locomotive manufacturing. Additionally, Triton has acquired other companies like Ovako and Stabilus GmbH, further demonstrating their active role in industrial sectors that may intersect with locomotive manufacturing.


6. 3i Group plc

  • Website: 3i.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1945
  • Headcount: 201-500
  • Number of deals in 2024: 3
  • LinkedIn: 3i-group-plc

3i Group plc is a private equity and infrastructure investment firm based in London, England, founded in 1945. The firm specializes in providing capital and expertise to mid-market companies, helping them grow sustainably. With a strong international presence and a diverse portfolio, 3i Group aims to create value for its stakeholders through strategic investments. Notably, 3i Group has invested in Regional Rail, LLC, a leading owner and operator of short-line freight railroads in the Mid-Atlantic U.S., which highlights their involvement in the rail industry. Additionally, their acquisition of Keolis, a major player in public transport, further emphasizes their interest in transportation-related sectors. These transactions reflect 3i Group's commitment to investing in companies that are integral to the rail and transportation infrastructure, aligning with the locomotive manufacturing context.


7. IK Partners

  • Website: ikpartners.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 14
  • LinkedIn: ik-investment-partners

IK Partners is a private equity firm based in London, England, specializing in mid-market investments across Europe. Founded in 1989, the firm focuses on providing capital and strategic support to businesses in various sectors, including Business Services, Healthcare, Consumer, and Industrials. Notably, IK Partners has made significant investments in companies relevant to the locomotive manufacturing context, such as the acquisition of Axtone, a company known for its railway components, in 2008. This transaction highlights their engagement in the locomotive sector. Additionally, their acquisition of Kongsberg Automotive and Konecranes further demonstrates their interest in industrial companies that may have ties to locomotive manufacturing. By partnering with management teams, IK Partners aims to enhance growth and create long-term value for their portfolio companies, which may include those in the locomotive manufacturing industry.


8. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. It specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has a diverse investment portfolio, with notable transactions including the acquisition of Delachaux in 2011, a company that plays a crucial role in rail infrastructure and components, indicating their involvement in the locomotive manufacturing sector. Additionally, CVC has made investments in various industries, such as aerospace with Ontic Engineering and Manufacturing, and logistics with Scan Global Logistics, showcasing their broad investment strategy while still maintaining a foothold in sectors relevant to locomotive manufacturing.


9. Ldc

  • Website: ldc.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 51-200
  • Number of deals in 2024: 15
  • LinkedIn: ldc

Lloyds Development Capital (Holdings) Limited, commonly known as LDC, is a private equity firm based in London, England, founded in 1981. LDC specializes in providing growth capital and strategic support to mid-market businesses across various sectors. As part of Lloyds Banking Group, LDC focuses on helping management teams achieve their growth ambitions through investment and advisory services, fostering long-term partnerships to drive business success. Notably, LDC acquired Porterbrook Group on December 8, 2008, a key player in the rail industry that leases locomotives and other rolling stock. This acquisition highlights LDC's involvement in the locomotive manufacturing context. Additionally, LDC has made several other acquisitions in diverse sectors, including aerospace and airline services, demonstrating their broad investment strategy while maintaining a significant presence in the rail sector through Porterbrook.


10. 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. Notably, Capvis has been involved in significant transactions such as the investment in Stadler Rail, a key player in the locomotive manufacturing industry, which raised an undisclosed amount in a private equity round in 2006. This investment highlights Capvis's engagement in the rail sector. Other transactions include acquisitions in companies like Polytec Holding and Variosystems, which, while not directly related to locomotives, showcase their broader industrial technology focus.


11. 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 is a leading manufacturer specializing in braking systems and safety-critical components for rail and commercial vehicles. Founded in 1905 and based in Flensburg, Schleswig-Holstein, Germany, the company serves manufacturers and operators in the transportation sector, providing advanced technologies that enhance safety and efficiency. Knorr-Bremse has a global presence and a commitment to innovation, playing a vital role in the mobility industry. Notably, they have made strategic investments in the rail sector, including the acquisition of Selectron Systems AG, which enhances their portfolio for rail vehicle automation. Additionally, they have invested in RailVision, a company focused on rail technology, and established Knorr-Bremse RailServices (UK) Limited to improve train maintenance and repair services. These transactions highlight their active role in the locomotive manufacturing industry.


12. 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, specializing in investments in mid-sized companies. Founded in 1965, the firm has over 55 years of experience in providing capital and advisory services to enhance the growth potential of its portfolio companies. While its primary focus is on sectors such as telecommunications, IT services, software, and healthcare, it has also made significant investments in the railway sector. Notably, Deutsche Beteiligungs AG acquired duagon AG in June 2017, a Swiss provider of network components for railway vehicles, indicating its involvement in the locomotive manufacturing context. This acquisition was part of DBAG Fund VII and involved a management buyout, with plans for further investment. Other acquisitions, such as those of Silbitz Group, Broetje-Automation, Sjølund, and Clyde Bergemann Power Group, showcase the firm's diverse investment strategy, but the duagon AG transaction highlights its relevance to the railway and locomotive manufacturing industry.


13. Epiris

  • Website: epiris.co.uk
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1976
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: epiris

Epiris is a private equity firm based in London, England, founded in 1976. The firm specializes in transforming businesses through strategic investments and partnerships, managing over £2.75 billion in capital. Epiris focuses on delivering outstanding returns for its investors by working closely with management teams to resolve complexities and unlock growth potential across various sectors. Notably, Epiris has made significant investments in the locomotive manufacturing context, including the acquisition of Eversholt Rail Group in 1996 for $626 million, which is involved in the leasing of rolling stock, including locomotives. Additionally, Epiris acquired Freightliner Group in 2005, a company that operates freight services and is integral to the rail logistics sector. These transactions highlight Epiris's active role in the locomotive manufacturing industry, alongside its broader investment portfolio.


14. Alstom

  • Website: alstom.com
  • Type: Corporate
  • Headquarters: Saint-Ouen-Sur-Seine, Île-De-France, France
  • Founded year: 1928
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: alstom

Alstom SA, founded in 1928 and based in Saint-Ouen-Sur-Seine, Île-De-France, France, is a leading rail transport manufacturer specializing in rolling stock and mobility solutions. With over 10,000 employees, Alstom provides a diverse range of products, including high-speed trains, trams, and signaling systems, catering to rail operators and public transport authorities. In recent years, Alstom has made strategic acquisitions to enhance its capabilities in the rail sector. Notably, the acquisition of B&C Transit in January 2021 strengthened its position in the North American transit signaling market, while the acquisition of Signalling Solutions Ltd in May 2015 allowed Alstom to become the sole owner of a key player in the UK and Ireland signaling market. These transactions reflect Alstom's commitment to innovation and expanding its technological capabilities within the locomotive manufacturing context.


15. Bosch

  • Website: bosch.com
  • Type: Corporate
  • Headquarters: Birenbach, Baden-Württemberg, Germany
  • Founded year: 1886
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: bosch

Robert Bosch GmbH is a multinational engineering and technology company founded in 1886, headquartered in Birenbach, Baden-Württemberg, Germany. With over 10,000 employees, Bosch offers a diverse range of products and services across mobility, consumer goods, industrial technology, and energy solutions. Their commitment to sustainability and enhancing quality of life is evident in their innovative technology solutions. In recent years, Bosch has made strategic investments and acquisitions that align with their mobility focus, such as the acquisition of Evergrande hofer powertrain GmbH, which specializes in electric drive units, potentially relevant for locomotive applications. Additionally, Bosch participated in a funding round for WeRide, a self-driving car startup, indicating their interest in advanced mobility technologies. However, their other transactions, such as the acquisition of MTA for HVAC solutions, do not directly relate to locomotive manufacturing, highlighting a broader focus beyond just locomotives.


16. Finindus

  • Website: finindus.be
  • Type: Venture Capital
  • Headquarters: Zelzate, Flanders, Belgium
  • Founded year: 1926
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: finindus

Finindus is a venture capital firm based in Zelzate, Flanders, Belgium, founded in 1926. The firm specializes in providing early-stage and growth financing to innovative technology companies, particularly in the fields of materials, sustainable manufacturing, and Industry 4.0. They focus on maximizing long-term value creation for their portfolio companies through proactive and pragmatic assistance. Notably, Finindus co-led a Series A funding round for OTIV, a Belgium-based AI company that specializes in autonomous train operations, highlighting their engagement in the locomotive manufacturing context. Additionally, they have participated in funding rounds for other technology companies, such as Tau Group, which focuses on energy transition technologies, further demonstrating their commitment to innovative sectors that may intersect with locomotive manufacturing.



Locomotive Manufacturing Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
SiemensMunich, Bavaria, Germany10001+184711
Triton PartnersLuxembourg201-50019976
3i Group plcLondon, England, United Kingdom (UK)201-50019453
IK PartnersLondon, England, United Kingdom (UK)201-500198914
CvcLuxembourg1001-5000200516
LdcLondon, England, United Kingdom (UK)51-200198115
Capvis AGBaar, Zug, Switzerland11-5019900
Knorr-Bremse AGFlensburg, Schleswig-Holstein, Germany10001+19052
Deutsche Beteiligungs AGFrankfurt, Hesse, Germany51-20019652
EpirisLondon, England, United Kingdom (UK)11-5019761
AlstomSaint-Ouen-Sur-Seine, Île-De-France, France10001+19282
BoschBirenbach, Baden-Württemberg, Germany10001+18865
FinindusZelzate, Flanders, Belgium1-1019266


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