mynth
← DATABASE
02/2026

STAHL acquired by HENKEL

NETHERLANDS Chemicals & Materials / Specialty Chemicals / Paints & Coatings EV 1b - 4b EUR

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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.6x).

-> Deep-dive in Industry & Manufacturing market trends

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.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
2023

Similar deals in Chemicals & Materials

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2026LIFCOMETALLTECHITALYConstruction Materials
03/2026ProAmpacTC Transcontinental PackagingUNITED STATESPlastic Packaging
02/2026ONE EQUITY PARTNERSGIOVANNI BOZZETTOITALYSpecialty Chemicals
02/2026MEARTHANE PRODUCTS CORPORATIONAXILLON AEROSPACE - POLYURETHANEUNITED STATESPlastics
02/2026CVCDSM-FIRMENICH ANH (ANIMAL NUTRITION & HEALTH)SWITZERLANDNutrition
02/2026SAGARDESSENCES & PARFUMSFRANCEFlavors & Fragrances
02/2026STRATUS PACKAGINGFREPPEL IMPRIMEURFRANCELabels & Adhesives
01/2026IRD INVEST / MANAGEMENT & PRIVATE INVESTORSDECADEFRANCEPackaging & Containers
01/2026ARKEA CAPITALGROUPE BARTOLACFRANCEPaints & Coatings
01/2026Butterfly EquityEPACUNITED STATESPlastic Packaging

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 500M - 1b EUR

EBITDA range: 150M - 250M EUR

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

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: stahl

Acquirer: henkel