Key Takeaways
- • Hg and EQT divest Quantios to Vista Equity Partners: The two European PE firms have agreed to sell their stakes in Quantios, a SaaS provider serving the global trust and corporate services sector, to Vista Equity Partners, representing a complete exit for both investors.
- • Hg achieves approximately 30% uplift to book value on Quantios exit: The sale delivers a material return multiple for Hg, with the transaction representing one of three full or partial exits the firm has completed since early 2026.
- • Vista positioned as strategic acquirer with AI capabilities: Vista Equity Partners, known for sophisticated AI capabilities, is expected to advance Quantios' product roadmap and market position in the trust and corporate services software vertical.
- • OpenGate Capital acquires Knorr-Bremse's Merak HVAC business: Knorr-Bremse has agreed to sell its global heating, ventilation, and air conditioning unit (Merak) to OpenGate Capital, allowing the manufacturer to refocus on core competencies.
- • Merak transaction expands OpenGate's industrial platform: The acquisition grants OpenGate a global rail HVAC platform with operational presence across Europe, North America, Asia, and Australia; transaction closure anticipated by year-end 2026.
Summary
Private equity firms Hg and EQT have reached an agreement to sell Quantios, a SaaS provider serving the global trust and corporate services industry, to Vista Equity Partners. The transaction represents a full exit for both European investors and underscores continued M&A activity in the enterprise software sector. For Hg specifically, the sale is expected to deliver approximately 30% uplift to the firm's latest book value, marking a meaningful exit return. The transaction is one of three full or partial exits Hg has completed since early 2026, reflecting active portfolio optimization during the period.
Vista Equity Partners' acquisition of Quantios reflects the buyer's strategic focus on the trust and corporate services software market. Vista cited its own sophisticated AI capabilities as a key differentiator, positioning the platform to enhance Quantios' product development and competitive positioning in the coming years. The transaction signals Vista's continued appetite for established SaaS businesses with recurring revenue models and defensible market positions.
In a parallel transaction, industrial manufacturer Knorr-Bremse has agreed to sell Merak, its global HVAC (heating, ventilation, and air conditioning) business unit, to OpenGate Capital. The Spain-headquartered Merak business unit operates across multiple geographies, including Europe, North America, Asia, and Australia, providing OpenGate with an established platform in the rail climate control sector. The divestiture allows Knorr-Bremse to narrow its portfolio focus on higher-priority business lines. The transaction is expected to close by the end of 2026, subject to regulatory and customary closing conditions.
Vista Equity Partners' acquisition of Quantios reflects the buyer's strategic focus on the trust and corporate services software market. Vista cited its own sophisticated AI capabilities as a key differentiator, positioning the platform to enhance Quantios' product development and competitive positioning in the coming years. The transaction signals Vista's continued appetite for established SaaS businesses with recurring revenue models and defensible market positions.
In a parallel transaction, industrial manufacturer Knorr-Bremse has agreed to sell Merak, its global HVAC (heating, ventilation, and air conditioning) business unit, to OpenGate Capital. The Spain-headquartered Merak business unit operates across multiple geographies, including Europe, North America, Asia, and Australia, providing OpenGate with an established platform in the rail climate control sector. The divestiture allows Knorr-Bremse to narrow its portfolio focus on higher-priority business lines. The transaction is expected to close by the end of 2026, subject to regulatory and customary closing conditions.
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