BODE enters next phase of growth through strategic partnership with Waterland
Kassel, 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 growth strategies. Waterland acquires BODE from the current owner Schaltbau Group, which is majority-owned by Carlyle. As part of the transaction, BODE’s senior management team invests alongside Waterland, underlining its strong commitment to the company’s long-term development.
The partnership marks the beginning of BODE’s next phase of growth and development, focused on expanding the company’s international footprint, accelerating innovation and further strengthening customer service capabilities worldwide.
Investments into innovation, international expansion and customer proximity
BODE has developed into a leading partner to rail vehicle manufacturers and public transport operators globally and today offers comprehensive capabilities across engineering, production, service and maintenance of door and access systems.
Together with Waterland, the company plans to further invest into innovation, operational excellence, talent and international expansion initiatives. This also includes continued investments into customer proximity and after-sales capabilities to further improve service quality, responsiveness and long-term reliability for customers around the globe.
At the same time, continuity remains a key priority. BODE will continue to operate under its existing brand, with its headquarters in Kassel, management team and organisational structures remaining unchanged.
Strong positioning in a growing global market
Public transport is a long-term growth market, driven by urbanisation, sustainability targets and continued investment into rail infrastructure globally. At the same time, original equipment manufacturers (OEM) and public transport operators (PTO) increasingly require highly reliable, durable and technically advanced systems as well as strong lifecycle support capabilities.
Against this backdrop, BODE is well positioned for continued growth, supported by its engineering expertise, operational capabilities, long-standing customer relationships and strong international service network.
Building on successful development under Schaltbau ownership
Founded in 1968, BODE has continuously expanded its international business and strengthened its market position over recent years. As part of Schaltbau Group, the company has further enhanced its operational performance, international footprint and customer offering.
In partnership with Waterland, BODE aims to build on this strong foundation and further strengthen its position as a trusted long-term partner to OEMs and public transport operators worldwide. Waterland will additionally support the company in exploring opportunities to expand its capabilities and global presence over time, including through 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 Waterland
Waterland is an independent European investment firm that supports companies and entrepreneurs in achieving their growth ambitions. Waterland currently manages more than €20 billion in investor commitments. Since its founding in 1999, Waterland has grown into an organisation of more than 200 professionals, operating from 11 offices across 9 countries.
For more information, please visit www.waterlandpe.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.
