Altum Corporate Finance advises Ventura Systems on partnership with Bode and Waterland

A complementary fit

Ventura Systems, founded in 1994 and based in Bolsward, employs more than 300 people and supplies bus door systems to customers in over 40 countries. Bode, founded in 1958 and based in Kassel, employs more than 1,200 people and is a leading specialist in door and access systems for rail vehicles. Together they cover the full breadth of public transport door technology, with an enlarged global footprint and a stronger after-sales service network. Both brands and management teams remain in place, and Ventura remains based in Bolsward.

A market that rewards scale

Public transport is a long-term structural growth market, driven by urbanisation, sustainability targets and continued investment in infrastructure. OEMs and public transport operators increasingly prefer specialist partners with the financial strength, technical depth and global service network to deliver multi-year programmes. The combination of Bode and Ventura responds directly to that trend, accelerating innovation, broadening the product portfolio and reinforcing the combined group’s position as a long-term partner of choice.

Founders reinvest alongside Waterland

As part of the transaction, Ventura’s founders have reinvested in the new combined group, ensuring continuity of shareholder involvement alongside Bode and Waterland. The reinvestment underlines the founders’ conviction in the long-term strategy and aligns management, founders and the new investor group as the business enters its next phase of growth.

Altum’s role

Altum Corporate Finance acted as exclusive financial advisor to the founders of Ventura Systems. The mandate covered strategic positioning, process design, negotiations and closing of the partnership, as well as the structuring of the founders’ reinvestment in the new combined group.

The founders of Ventura were further advised by De Breij, which acted as legal counsel and produced the legal factbook, and Deloitte, which produced the financial vendor due diligence and tax factbook.

Closing is subject to customary regulatory approvals and conditions.

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.

Altum Corporate Finance has been a trusted advisor throughout this journey. Their strategic insight, careful management of the process and unwavering commitment helped us navigate a complex transaction and achieve an outcome that supports both the company’s future growth ambitions and our continued involvement as shareholders. We are grateful for their guidance and proud of what we have accomplished together.”

Tomas Simons, Partner at Waterland Private Equity, said:

“Ventura has built a strong position in a highly specialised market, with a clear focus on engineering quality and reliability. We see compelling opportunities to support the company in its further development, both organically and through the combination with Bode. Our approach is to work closely with management and provide the resources needed to support long-term growth, while preserving the company’s strengths and culture.”

Wisse Stolk, Partner at Altum Corporate Finance, said:

“Ventura is a genuinely exceptional business. Jeroen and his team have built it into a global leader in a highly specialised market, with a culture of engineering quality that customers value worldwide. The partnership with Bode, backed by Waterland, is a deliberate next step that brings scale, complementary capabilities and the financial strength to accelerate the long-term plan. We are proud to have advised the founders on both the sale and their reinvestment, which speaks to their conviction in what comes next.”

About Altum Corporate Finance

Altum Corporate Finance is an independent M&A advisor based in Amsterdam. The firm advises entrepreneurs and shareholders of small to mid-market companies on sell-side and buy-side transactions, partnerships and reinvestments. Altum focuses on a select number of high-conviction mandates, working closely with founders and management throughout the process to deliver outcomes that support both value and long-term continuity. For more information, please visit www.altumcf.com or contact info@altumcf.com.