Henkel to acquire specialty coatings leader Stahl for USD 2.5 billion

The move, described by Henkel as its "second landmark transaction within a few weeks," underscores the company's strong mergers and acquisitions execution capabilities.

The sellers in the transaction include majority shareholder Wendel (68.5% of the capital), alongside BASF (16.1%), Clariant (14.6%), and other minority shareholders. For Wendel, the sale is a highly successful exit, expected to yield total net proceeds of approximately USD 1.3 billion at completion. This represents a multiple of 6.6 times Wendel’s total net investment since 2006 and an annualized Internal Rate of Return (IRR) of over 15% across the two-decade ownership period. Wendel noted that the realised value represents a premium of over 20% to the asset's value in its Net Asset Value (NAV) published prior to the announcement.

Wendel CEO stated that the transaction aligns fully with the firm’s capital allocation strategy, expressing pride in seeing Stahl continue its industrial development with a global leader like Henkel. The sale marks a key milestone in Wendel's strategy execution.

Under Wendel’s 20-year ownership, Stahl underwent a significant transformation into a focused, pure-play specialty coatings formulator for flexible materials. During this period (2006 to 2024), Stahl’s global sales nearly tripled, (excluding the Muno divestment), supported by organic growth and strategic acquisitions. Profitability also saw a material improvement, with adjusted operating income increasing fourfold.

Maarten Heijbroek, CEO of Stahl, credited Wendel's long-term partnership for the company's trajectory, which established it as a market leader with a strong global footprint. He expressed that the transition to Henkel will further strengthen Stahl's leadership position, with Henkel’s strong innovation capabilities set to enhance customer value.

Stahl is also recognised as an ESG frontrunner in its industry, having secured four consecutive Ecovadis Platinum ratings since 2021. Its product portfolio is increasingly focused on sustainable, water-based technologies, positioning it to support customers’ ESG transitions.

Dr Stefan Neuhaus, the vice president and head of Mergers & Acquisitions at Henkel, shared his enthusiasm on LinkedIn for the deal, noting that the acquisition of Stahl, excluding its Muno wet-end leather chemicals business, is a testament to the company's strategic growth.

The transaction is subject to mandatory consultation processes and the satisfaction of customary closing conditions, including regulatory approvals.