Schaltbau Holding AG sells BODE to Waterland

Sale of 100% of the shares in Bode – Die Tür GmbH agreed
Strategic partnership with Waterland opens the next phase of growth for BODE
Transaction supports the Schaltbau Group’s strategic focus
Closing, subject to regulatory approvals, is expected in the coming months

Munich, May 12, 2026.

Schaltbau Holding AG (“Schaltbau”) has signed an agreement to sell Bode – Die Tür GmbH (“BODE”) to Waterland Private Equity (“Waterland”). The transaction is subject to customary closing conditions, in particular antitrust approval, and is expected to close in the coming months. The parties have agreed not to disclose the purchase price or further details of the transaction.

BODE is a leading international provider of door and access systems for rail vehicles and public transportation. The company develops, manufactures, and distributes custom door systems as well as comprehensive service and maintenance solutions throughout the entire product lifecycle. In fiscal year 2025, the BODE Group generated revenue of over 250 million euros.

The partnership with Waterland marks the beginning of BODE’s next phase of growth and development, with a focus on further internationalization, expanding innovation capabilities, and strengthening the global service and after-sales business. At the same time, BODE will continue to operate under its existing brand and with its current management team.

For Schaltbau, the transaction is part of the Group’s strategic development with the aim of further sharpening its focus on its core business.

Steffen Munz, CEO of Schaltbau Holding AG, says: “We are proud to have accompanied BODE on its successful growth path in recent years and to have significantly strengthened the company’s international market position together. We would like to thank the entire management team as well as all employees for their great commitment and their contribution to this successful development. In Waterland, we have found a strong and long-term oriented partner who will provide excellent support to BODE in the next phase of development and in its continued international growth.”

Thomas Giebisch, CEO of BODE, adds: “The past few years have been marked by BODE’s highly successful development. Together with Schaltbau and with the support of Carlyle, as the majority owner of Schaltbau, we were able to expand our international presence, strengthen our operational capabilities, and consistently further develop our product and service portfolio. With Waterland, we are now gaining a partner with extensive experience in supporting internationally growing companies. Together, we aim to shape BODE’s next phase of growth and continue to invest strategically in innovation, customer service, and our global presence.”

Tomas Simons, Partner at Waterland, says: “BODE is a highly respected company with strong technical expertise, a leading market position, and long-standing customer relationships. The company has developed very successfully in recent years and offers an excellent foundation for further growth. We look forward to supporting the management team in the next phase of development and, together, further expanding BODE’s international expansion and —its positioning as a long-term partner for OEMs and public transport system operators worldwide.”

About Schaltbau Holding AG

Schaltbau Holding AG is a leading international supplier of systems and components in the fields of transportation technology and the capital goods industry. With its core brands Pintsch, Bode, and Schaltbau, the companies of Schaltbau Holding AG develop a broad spectrum of high-quality technologies and customer-specific technology solutions for railway infrastructure, rail vehicles, passenger cars, and commercial vehicles. As one of the few specialists in intelligent DC-based energy concepts, Schaltbau is also a driver of innovation in the high-growth future markets of New Energy, New Industry, and E-Mobility.

https://schaltbaugroup.com/de/

About BODE

Founded in 1968, BODE is a German specialist in door and access systems for rail vehicles and public transportation. Headquartered in Kassel, the company employs more than 1,200 people worldwide and supplies leading OEMs and operators in Europe, North America, and Asia.
BODE develops and manufactures door systems designed for long service life, high reliability, and demanding operating conditions. The 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 its customers throughout the entire lifecycle of the systems, thereby ensuring high availability and operational reliability.

Further information: https://www.bode-global.com/en

About Waterland

Waterland is an independent European investment firm that supports companies and entrepreneurs in realizing their growth ambitions. Waterland currently manages more than €20 billion in investor commitments. Since its founding in 1999, Waterland has grown into an organization with more than 200 employees and is now represented by 11 offices in 9 countries.

For more information, visit: https://www.waterlandpe.com/

Press Contact

Thessa Roderig
Email: tr@hilfreich-ir.de
Phone: +49-171-3108298

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