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 level LOGIN the 10.2x average currently observed in the Industry & Manufacturing sector.

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