Waterland Private Equity Acquires BODE to Drive Global Expansion

Waterland Private Equity has completed the acquisition of BODE, a specialist in door and access systems for rail vehicles and public transportation, from Schaltbau Group. The transaction, announced on May 12, 2026, involves a strategic partnership with BODE’s management team, who are co-investing alongside Waterland. Financial terms of the deal remain undisclosed, and the closing is subject to customary regulatory approvals.

Headquartered in Kassel, Germany, BODE generates annual revenues exceeding EUR 250 million and employs over 1,400 people worldwide. The company serves leading original equipment manufacturers (OEMs) and public transport operators across Europe, North America, and Asia. BODE’s product portfolio includes both exterior and interior door systems, as well as platform access solutions, emphasizing safety, durability, and lifecycle performance. The company also offers comprehensive aftersales services, including maintenance, repairs, and spare parts supply, supported by a global service network.

Founded in 1968, BODE has developed extensive expertise across the entire value chain—from engineering and manufacturing to service and maintenance. Under Schaltbau Group’s ownership, where Carlyle holds a majority stake, BODE expanded its international footprint and improved operational performance. Waterland’s acquisition marks a new phase focused on innovation, talent development, and further international growth, while maintaining the existing management and organizational structure based in Kassel.

Waterland Private Equity specializes in buy-and-build strategies and plans to leverage this approach to support BODE’s expansion into new markets. The partnership aims to enhance product innovation to meet increasing technological and sustainability demands from OEMs and operators. Additionally, Waterland intends to explore targeted acquisitions of complementary companies to strengthen BODE’s market position.

“BODE is technologically and operationally strong, well-positioned to serve customers effectively,” said a BODE representative. “We appreciate the support from Schaltbau and Carlyle over recent years, which helped solidify our market position. With Waterland, we have found a partner experienced in supporting international growth and long-term development. Together, we will continue investing in innovation, customer service, and global presence, ensuring continuity for customers and employees.”

Industry trends support this strategic move, as urbanization, sustainability goals, and ongoing investments in rail infrastructure drive structural growth in public transportation. OEMs and operators increasingly demand advanced, reliable, and sustainable access systems backed by strong service capabilities. This environment favors established players like BODE with deep technical expertise and operational strength.

Financial details of the transaction were not disclosed. However, BODE’s annual revenue of over EUR 250 million and its global workforce of 1,400 underscore its significance in the sector. Waterland’s investment is expected to generate synergies through operational efficiencies, enhanced R&D, and expanded service offerings.

Looking ahead, BODE will continue operating from Kassel with its current management team. Waterland’s support will focus on accelerating innovation, expanding international reach, and exploring add-on acquisitions to reinforce BODE’s leadership in door and access systems for public transport worldwide.