STAHL acquired by HENKEL
Context
Wendel signed an agreement for the sale of the entire share capital of Stahl to the German industrial group Henkel. The transaction was intermediated by two leading international investment banks. This operation marks the exit of Wendel after a 20-year investment period, as well as the exit of industrial partners BASF and Clariant. The scope of the sale excludes leather chemical activities, which were previously carved out into a new entity named Muno. For Wendel, this historic exit generates net proceeds of EUR1.2 billion, representing a multiple of 6.6x its total investment and an annualized IRR of over 15%. The transaction allows Stahl to join a global industrial group capable of accelerating its technological deployment in the flexible materials market.
STAHL, 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
Originally founded as a leather treatment specialist, the group evolved into a global leader in specialty coatings for flexible materials. Based in the Netherlands, the company develops high-performance solutions for various sectors, including automotive, apparel, and luxury goods. Under the ownership of Wendel, the firm significantly expanded its technological portfolio, moving from core leather chemicals to a broader offering of technical coatings and polymers. Between 2006 and 2024, the group's revenue grew from EUR316 million to EUR930 million, supported by an active strategy of innovation and external growth.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 500M - 1b EUR
EBITDA range: 150M - 250M 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).
Target: stahl
Acquirer: henkel