HQ Equita has acquired R2P, a Germany-headed provider of public transport-related technology. The business was formerly held by Swedish growth investor Alder, which acquired it in 2012.
HQ is also acquiring Open Access, an Australian business in the same sector, which it will bolt on to R2P. The two businesses already co-operate.
Members of the management teams of both companies will be significant shareholders in the new business.
Headed in Flensburg, R2P develops both hardware and software products and components used in vehicles, stations and control centres. It has annual revenues of €30m-40m.
HQ Equita was advised by DC Advisory, Gleiss Lutz, Civity Management Consultants, Rödl & Partner, Aon, and ERM. Alder was advised by Lincoln International, Deloitte, and White & Case.
Last month HQ Equita created The Packaging Group from two packaging machine manufacturers, Fawema and HDG.