Deal News | Acquisition of the TEX Group

• TEX is a leading independent European provider of railway infrastructure and rail services with operations in Germany, Switzerland, Austria, the Netherlands and Belgium.
• After years of successful growth – both organically and through strategic add-on acquisitions – the group generated revenues of approximately EUR 150 million in fiscal year 2025.
• Together with management, Orlando Capital plans to further develop the TEX platform and accelerate future growth both organically and through targeted strategic acquisitions along the value chain.

Funds managed by Orlando Capital GmbH are acquiring Trans Europa Express Holding AG, a leading independent European provider of railway infrastructure and rail services, from Ufenau IV German Asset Light, SLP, a fund exclusively advised by Ufenau Capital Partners AG.

TEX, headquartered in Freienbach (Switzerland), has established itself in recent years as the market-leading independent European platform for railway infrastructure and rail services. The company is today active in Germany, Switzerland, Austria, the Netherlands and Belgium, supporting leading infrastructure operators, passenger and freight transport companies as well as industrial customers with a comprehensive service portfolio along the railway value chain.

A particular focus is placed on the further development and expansion of the Railway Infrastructure Service segment, in which TEX has built a market-leading position over the years in the field of control and safety technology as well as other specialised railway infrastructure services. The company benefits from long-term structural growth drivers. With its strong technical expertise, long-standing customer relationships and existing framework agreements, TEX is excellently positioned to capitalise on these developments.

The Operating and Training business forms, alongside the Infrastructure segment, another central pillar of the TEX Group. TEX offers cross-border operational rail services as well as unique cross-country training and qualification programmes for railway professionals, and – as one of the largest independent train driver platforms in the German-speaking region – is excellently positioned to benefit from the growing demand for skilled workers and the increasing internationalisation of European rail transport.

Together with management, Orlando Capital plans to strategically expand TEX's strong market position. The focus will be on both organic growth initiatives and strategic add-on acquisitions to further deepen its presence and broaden its service portfolio.

"TEX has developed over recent years into a highly attractive and excellently positioned platform in the European rail market. The company has a strong market position, long-standing customer relationships and impressive technical know-how in a highly relevant growth market. Together with management, we aim to consistently continue the growth trajectory that has been set – both organically and through targeted acquisitions," says Simon Pfennigsdorf, Partner at Orlando Capital.

"In Orlando Capital, we have found an entrepreneurially minded partner who shares our vision for the further development of TEX. Together, we want to further strengthen our position as the leading independent partner to the European rail industry and shape the next phase of the company's growth," says Stephan Pfuhl, CEO of TEX.

The European market for railway infrastructure and rail services is highly fragmented and offers significant potential for further consolidation. With its established platform, international presence and successful track record of integration, TEX has an excellent starting position to actively capitalise on these opportunities.

About Orlando Capital
Orlando Capital V is a private equity firm headquartered in Munich, primarily active in the German-speaking region and the Nordic countries. We manage the private equity fund Orlando Capital V with a fund volume of €255 million. The focus of our investments is on majority stakes in well-positioned mid-market companies, particularly in succession situations, complex carve-outs and special situations. With over 25 years of experience, the Orlando team has successfully advised on more than 85 transactions, placing great importance on trusted relationships and entrepreneurial partnerships with owners and sellers.