BODE enters into strategic partnership with Waterland to drive next phase of growth
Kassel / Munich, 12 May 2026 – BODE, a leading global provider of door and access systems for public transport, is entering into a strategic partnership with Waterland Private Equity („Waterland“), an independent European investment firm focused on supporting companies through targeted buy-and-build strategies. Waterland acquires BODE from Schaltbau Group, which is majority-owned by Carlyle. As part of the transaction, BODE‘s senior management team invests in the company alongside Waterland.
The parties have agreed not to disclose financial details of the transaction. Closing is subject to customary regulatory approvals and conditions.
Headquartered in Kassel, Germany, BODE generates revenues of more than EUR 250 million and employs over 1,400 people worldwide. The company serves leading original equipment manufacturers (OEM) and public transport operators (PTO) across Europe, North America and Asia and has established a strong market position through its engineering expertise, exceptional after-sales service and a deep integration with both OEM customers and PTOs.
Supporting the next phase of growth
Together with the management team, Waterland will support BODE in the next phase of its development, with a focus on boosting growth, innovation and international expansion as well as further strengthening customer service capabilities. The company will continue to operate with its headquarters in Kassel, management team and organisational structures remaining unchanged.
Public transport is a structurally growing market, driven by urbanisation, sustainability targets and continued investment in rail infrastructure globally. At the same time, OEMs and PTOs increasingly require technically advanced, durable and highly reliable systems as well as strong aftermarket support capabilities. This reinforces the importance of established partners with deep engineering expertise, operational excellence and long-term investment capacity.
Building on a strong foundation
Founded in 1968, BODE has developed into one of the leading specialists in door and access systems for rail vehicles and public transport. The company offers comprehensive capabilities across the full value chain, including engineering, production, service and maintenance. As part of Schaltbau Group, Bode has continuously developed its business in recent years and further strengthened its operational performance, international footprint and market position.
In partnership with Waterland, BODE is aiming to accelerate investments into innovation, talent, international growth initiatives and customer proximity. In addition, Waterland will support BODE in exploring further opportunities to strengthen its capabilities and expand its global presence over the long term, including targeted acquisitions of complementary businesses.
Thomas Giebisch, CEO at BODE, said:
“BODE is very well positioned today – technologically and operationally – to serve our valued customers in the best way possible. We are grateful for the support we have received from Schaltbau and Carlyle over the recent years, which helped further strengthen the company and its market position. With Waterland, we have found a partner with significant experience in supporting international growth businesses and long-term development strategies. Together, we want to continue investing in innovation, customer service and our international footprint while maintaining continuity for our customers and employees.”
Tomas Simons, Partner at Waterland, said:
“BODE is a highly respected company with strong engineering capabilities, a leading market position and long-standing customer relationships. The company has developed very successfully in recent years and provides an excellent foundation for continued growth. We look forward to supporting the management team in the next phase of the company’s development, with a clear focus on innovation, international expansion and further strengthening BODE’s position as a trusted partner to OEMs and PTOs globally.”
Steffen Munz, CEO at Schaltbau Group, said:
“We are proud to have supported BODE on its strong growth trajectory over recent years. We would like to thank the management team and employees for their commitment and contribution throughout this journey. We believe Waterland is the right partner to support the company in its next phase of development and continued international growth.”
About BODE
BODE, founded in 1968, is a Germany-based specialist in door and access systems for rail vehicles and public transport. Headquartered in Kassel, the company employs more than 1,400 people worldwide and serves leading OEMs and operators across Europe, North America and Asia.
BODE develops and manufactures door systems designed for long service life, high reliability and demanding operating conditions. Its portfolio includes exterior and interior door systems as well as platform access solutions, with a strong focus on safety, durability and lifecycle performance.
In addition, BODE offers comprehensive after-sales services, including maintenance, repair and spare parts supply. With a global service network, the company supports customers throughout the entire lifecycle of its systems, ensuring high availability and operational reliability.
More information: www.bode-global.com
About Schaltbau
Schaltbau Holding AG is a globally leading provider of systems and components for the transportation technology and capital goods industries. With its core brands Pintsch, Bode and Schaltbau, the companies of Schaltbau Holding AG develop a broad range of high-quality technologies and customized technology solutions for railway infrastructure, rail vehicles, passenger cars and commercial vehicles. As one of the few specialists in direct current-based energy concepts, Schaltbau Holding AG is also a key innovation driver in the high-growth future markets of New Energy, New Industry and E-Mobility.
More information: www.schaltbaugroup.com
Press contact:
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21