Waterland buys Bode door systems business from Schaltbau
Waterland Private Equity has agreed to acquire Bode, a German provider of door and access systems for rail vehicles and public transport, from Schaltbau Group, separating the supplier into an independent platform after more than three decades under the same ownership.
Schaltbau, majority-owned by Carlyle, has signed the agreement. Bode’s senior management team will invest alongside Waterland, and the company’s headquarters in Kassel and existing management structure will remain in place.
Closing is conditional on antitrust clearance. Bode generated more than EUR 250 million in revenue in fiscal 2025 and employs over 1,400 people, serving OEMs and public transport operators across Europe, North America and Asia.
Waterland targets growth, international expansion and add-on acquisitions
Bode supplies door and access systems to train and metro manufacturers and public transport operators across three continents. Its product range covers exterior door systems, boarding aids including sliding steps and ramps, interior fittings, and onboard electronics — including a door control unit and diagnostic software used across its installed base.
The company has been part of Schaltbau Group since 1995. Under the new structure, Bode moves to standalone ownership, with Waterland providing capital and the existing management team holding a direct stake.
Waterland has outlined plans to accelerate international growth and strengthen service and after-sales operations. The firm also intends to pursue add-on acquisitions to broaden Bode’s capabilities and geographic reach.
Schaltbau sharpens focus on core business
For Schaltbau, the sale reflects a strategic decision to concentrate on its remaining businesses — Pintsch, which covers railway infrastructure components, and Schaltbau GmbH, which focuses on DC switching technology.
Schaltbau CEO Steffen Munz described Waterland as a partner well placed to support Bode’s continued international growth.