Waterland buys door systems maker BODE from Carlyle
What's the deal? European private equity firm Waterland is acquiring BODE, a global specialist in door and access systems for public transport, from the Schaltbau Group, which is majority-owned by Carlyle. BODE is headquartered in Kassel, Germany, and employs around 1,400 people.
German law firm Hengeler Mueller advised Waterland on the transaction. The deal's financial terms were not disclosed.
Why now? Public transport is a structurally growing market, driven by urbanisation, sustainability targets, and ongoing investment in rail infrastructure worldwide. Waterland plans to support BODE's next growth phase alongside the existing management team, with a focus on innovation, international expansion, and strengthening its service network.
"With Waterland, we have found a partner with extensive experience in supporting internationally growing companies and long-term development strategies," said Thomas Giebisch, BODE's chief executive officer.
The signal: The deal reflects continued PE appetite for niche industrial businesses tied to the global push for better public transport. As governments pour money into rail and urban mobility, suppliers of critical components — like door and access systems — become attractive buy-and-build targets. Waterland's entry also signals that Carlyle, through Schaltbau, is trimming its portfolio, potentially to redeploy capital elsewhere.
Read more: extrajournal.net
