NOVACEL acquired by KPS CAPITAL PARTNERS
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.
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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.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 250M - 500M EUR
EBITDA range: 10M - 30M EUR
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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