Door system providers BODE and Ventura join forces in Waterland-backed European group “with global relevance”

BODE and Ventura will form a European public transport door systems group backed by Waterland Private Equity.

The transaction brings together two suppliers active in door systems for trains and buses, with Waterland taking a majority stake in Ventura after acquiring a majority stake in BODE from Schaltbau Group in May. Ventura’s founders and management and BODE’s management team will reinvest in the combined company.

BODE and Ventura to keep brands, sites and management structures

The companies will operate under a shared structure while retaining their existing headquarters, management teams, organisational structures and brands. BODE is headquartered in Kassel, Germany, while Ventura Systems (that has celebrated 30 years in the business in 2024) is based in Bolsward, the Netherlands.

Financial terms have not been disclosed. Closing remains subject to customary regulatory approvals and conditions.

BODE generates revenues of more than €250 million and employs over 1,400 people worldwide. Ventura employs more than 300 people and generates revenues of more than €100 million. The companies serve train and bus OEMs and public transport operators through product development, delivery, after-sales service and maintenance.

Waterland-backed group targets OEM and PTO customers

“The transaction rationale is entirely centered around capability-building and faster innovation to support the customers in responding to evolving customer needs. Investment will focus on innovation, international expansion, and talent – reads the joint statements shared by the three companies -. This includes further investment in the quality and speed of after-sales service, ensuring that PTOs are able to deliver a seamless journey to their end-customers. Employees will benefit from career opportunities in a growing business with clients all around the world”.

The companies add that “In the next phase, Waterland will work with the two companies – both of which are already strong in their own right – to build a European group with global relevance – something in which Waterland has a long and proven track record”.

The reference to Waterland’s “long and proven track record” appears to refer to the private equity firm’s experience in building larger international groups through the combination of complementary companies. Notable past and present examples include telecommunications group Enreach, cloud services provider Sentia, and digital transformation platform Skaylink, all of which were developed through acquisition-led growth strategies across multiple European markets.

BODE was previously part of Munich-based Schaltbau Group, majority-owned by Carlyle since 2021. Ventura had remained under the ownership of founders Jeroen de Nooijer, Jan Lont and Bas de Nooijer until the transaction.

Tomas Simons, Partner at Waterland, said: “BODE and Ventura complement each other well in terms of technology, geographic presence and customer relationships. Bringing them together is an important step in building a European group with global relevance in public transport door systems. It is important to note that BODE and Ventura are, and will remain, both strong companies in their own right, with complementary technologies, customer relationships and geographic reach. We look forward to supporting both teams in this next phase of growth, while preserving the strengths and cultures that have made both companies successful.”

Thomas Giebisch, CEO of BODE, said: “Following the recent announcement of our partnership with Waterland, the combination with Ventura is the first important step in our collective journey. Ventura is a highly specialized company with strong engineering capabilities and an excellent position in bus door systems. Together, we can broaden our capabilities, strengthen our international reach and create additional value for our customers, especially in after-sales service. At the same time, continuity remains essential: At BODE, we will maintain our headquarters in Kassel, our established teams and our long-standing commitment to quality, reliability and customer service.”

Jeroen de Nooijer, Founder of Ventura Systems, said: “This partnership marks an exciting new chapter for Ventura Systems. Over the years, we have built a strong international business based on innovation, engineering excellence and long-term customer relationships. In BODE and Waterland, we have found partners who share our ambition and values, and who can help accelerate our growth while preserving the culture that has made Ventura successful. This gives us the opportunity to continue building on what we have created, while strengthening our capabilities for clients.”