HQ Equita buys R2P and Open Access

The GP drew capital for the transaction from Equita V, a buyout fund targeting €400m that held a first close on €200m in September 2016.

The combined group will employ 170 people and have subsidiaries in Denmark, the UK, Switzerland, Brazil, Australia, Malaysia and the US.

The management teams of both R2P and Open Access will remain in their roles and retain significant stakes in the business.

Previous funding
Swedish buyout firm Alder acquired R2P (then Rail and Road Protec) from its management team in September 2012. It drew capital from Alder Fund I, which held a final close on €120m in 2011 and was deployed across six companies by November 2014, the other five of which are all headquartered in the Nordic region.

Company
R2P is headquartered in Flensburg Germany and provides support systems to railway operators covering CCTV, passenger information and announcement systems, and fleet management software and hardware. The company employs 117 people.

Open Access provides communication systems for public transportation systems in Asia. It is headquartered in Sydney and employs 53 people.

People
HQ Equita – Hans Moock (managing director).
R2P – Ulrik Rasmussen (CEO).
Open Access – Brendan Dooley (CEO).

Advisers
Equity – DC Advisory (corporate finance, debt advisory); Gleiss Lutz (legal); Civity Management Consultants (commercial due diligence); Rödl & Partner (financial due diligence); Aon (insurance due diligence); ERM (ESG due diligence).
Vendor – Lincoln (corporate finance); Deloitte (financial due diligence); White & Case (legal).

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• Topics
• Exits
• Buyouts
• DACH
• Industrials
• Germany
• EQUITA Management
• Secondary buyout