mynth
11/2025

NOVACEL acquired by KPS CAPITAL PARTNERS

FRANCE Chemicals & Materials / Material Transformation / Plastics EV 100M - 350M EUR

Context

Compagnie Chargeurs Invest entered into exclusive negotiations to sell a 75% controlling stake in Novacel to KPS Capital Partners, while retaining a 25% minority interest. The all-cash transaction is part of a broader portfolio rebalancing strategy for Chargeurs, allowing the group to reduce debt, strengthen equity, and focus resources on its "Museum Studio" and "Fashion" divisions. For Novacel, backing from KPS provides the capital necessary to pursue external growth and deeper expansion in Asia and LATAM. The deal was favored due to KPS's operational expertise and low-leverage model. Completion is expected in H1 2026.

NOVACEL, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Industry & Manufacturing market trends

Target

Novacel is a world-leading manufacturer of self-adhesive surface protection solutions and technical tapes. Historically the largest division of Chargeurs Invest (accounting for ~41% of revenue), the company designs temporary protective films used to preserve the integrity of materials such as stainless steel, glass, aluminum, and plastics during processing, transport, and installation. Novacel operates a global Corporate footprint and serves highly demanding sectors including construction, automotive, and electronics. With a 9-month revenue of EUR220M in 2025 (implying a ~EUR295M annual run-rate), the company is pivoting towards sustainable adhesive technologies and accelerating its presence in high-growth markets like Asia and South America.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
LOGIN
LOGIN
LOGIN
2023
LOGIN
LOGIN
LOGIN

Similar deals in Industry & Manufacturing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
12/2025HOLCIM GROUPALKERNFRANCEChemicals & Materials

Holcim has finalized the 100% acquisition of Alkern from the private equity firm Chequers Capital. This transaction marks the final exit for Chequers, which had supported Alkern’s growth since 2016. The strategic rationale for Holcim is the immediate reinforcement of its "Construction Solutions" pillar in the French market, positioning it alongside its existing Lafarge and PRB operations

12/2025MOSAIQ GROUPREDMARKITALYChemicals & Materials

Mosaiq Group has acquired 100% of Redmark S.r.l., marking its first add-on acquisition since the platform's formation exited the business. The acquisition integrates Redmark's specific expertise in leather and sustainable branding materials into the broader Mosaiq portfolio

11/2025ARSENAL CAPITAL PARTNERSTHERMOSAFEUNITED STATESChemicals & Materials

Arsenal Capital Partners completed the acquisition of ThermoSafe from Sonoco Products Company. The deal represents a full‑control buy‑out of ThermoSafe, with the seller exiting the cold‑chain packaging segment and simplifying its portfolio around core metal and paper consumer and industrial packaging businesses

11/2025COIM GROUPNOTEDOMEUNITED KINGDOMChemicals & Materials

Coim has completed the acquisition of Notedome Limited, a UK-based manufacturer specializing in cast polyurethane elastomers for high-stress industrial applications. The transaction marks the exit of the historical majority shareholder, India’s Manali Petrochemicals, and enables the Italian group to strengthen its position in the European specialty materials market

11/2025BPIFRANCE / BNP PARIBAS DEVELOPPEMENTSACREDFRANCEChemicals & Materials

Sacred Group has finalized a majority BIMBO, valuing the company at less than €30 million. The transaction sees industrial partner Stéphane Tortrat take a 60% stake, integrating his company Fenec into the new entity

11/2025ARCOLE / BENALU-LEGRASMETHALFRANCEChemicals & Materials

This transaction involves the carve-out of Bodycote's French heat treatment operations, a UK-listed group, as part of a strategy to refocus on its core activities. The deal comprises the sale of ten French industrial sites, consolidated under a new entity called Methal, to an investment structure combining the Arcole fund, which holds a majority stake, and the Benalu-Legras industrial group, which takes a strategic minority interest

09/2025FRENCH FOOD CAPITALSOPANOFRANCEChemicals & Materials

The transaction involves the acquisition of Sopano by FrenchFood Capital, supported by a pool of regional investors including BNP Développement, Caisse d’Epargne Normandie, Unexo, and Banque Populaire Nord

07/2025UNIGASKETASSOTECHITALYChemicals & Materials

The acquisition of Assotech by Unigasket, an Italian group specializing in the production of tubes and joints for various industrial sectors, is the outcome of an external growth strategy implemented by the group in partnership with its majority shareholder, Palladio Holding

07/2025NORCROSFIBO GROUPNORWAYChemicals & Materials

FSN Capital IV and other minority shareholders have signed a definitive agreement to sell 100% of the shares in Fibo to Norcros. The transaction marks the conclusion of a successful 10-year growth journey under FSN Capital IV, which originally acquired Fibo as a carve-out from Byggma ASA in 2015

05/2025MOVENDO CAPITAL / DRAYCOTTVERESCENCEFRANCEChemicals & Materials

Stirling Square Capital Partners has reached an agreement to sell 100% of Verescence to a consortium formed by Movendo Capital and Draycott. This transaction follows a competitive auction process managed by Rothschild & Co, which attracted interest from major international private equity firms (One Rock, Lone Star, ICG) and global industrial players (PGP Glass, Vitro, Heinz)

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 10M - 30M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NOVACEL by KPS CAPITAL PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: kps capital partners