German chemicals giant Henkel AG has agreed to acquire Stahl Holdings BV, a Netherlands-based speciality coatings company for €2.1bn ($2.5bn), marking a significant exit for private equity firm Wendel SE, according to a report by Bloomberg.
Minority shareholders BASF SE and Clariant AG, which together hold more than 30% of Stahl, are also selling their stakes as part of the deal, according to Wendel. Henkel’s CEO Carsten Knobel said the acquisition will strengthen the company’s adhesive technologies business, reflecting strategic consolidation in an industry facing weak demand, rising energy costs, tariffs, and intense competition.
Wendel, which has been exploring a sale of Stahl for several years, originally acquired the company alongside Carlyle Group in 2006 for €520m, before a restructuring gave Wendel control after Carlyle fully divested its investment in 2010. Since then, Stahl has expanded through acquisitions, including BASF’s leather-chemical unit and a similar business from Clariant, growing to roughly 1,700 employees with operations across automotive, fashion, and packaging coatings.
Wendel shares rose as much as 5.2% in Paris following the announcement, while BASF and Henkel also saw gains.
The transaction remains subject to regulatory approvals and customary closing conditions.
