By: ICN Bureau
Last updated : February 04, 2026 3:26 pm
In addition to Wendel (68.5% of the capital), BASF (16.1%), Clariant (14.6%) and other minority shareholders will also sell their interests in Stahl to Henkel
Wendel has agreed to sell its stake in specialty coatings leader Stahl (excluding Muno) to German industrial giant Henkel for an enterprise value of €2.1 billion. This divestment allows Henkel to strengthen its portfolio in coatings and adhesives, leveraging its focus on innovation and sustainability. The deal aligns with Wendel's portfolio rotation strategy.
The proposed transaction values Stahl at a level generating approximately €1.2 billion in total net proceeds for Wendel upon completion, after accounting for debt and transaction costs. This valuation reflects a 6.6x net multiple on Wendel’s total investment since 2006, which includes €427 million in previous proceeds driven by Stahl’s strong cash flow.
In addition to Wendel (68.5% of the capital), BASF (16.1%), Clariant (14.6%) and other minority shareholders will also sell their interests in Stahl to Henkel. The transaction is subject to mandatory consultation processes and the satisfaction of customary closing conditions, including regulatory approvals.
Laurent Mignon, Wendel Group CEO, commented: “Over the last 20 years, Wendel has worked alongside Stahl's talented and committed management teams to transform the company into the undisputed global leader in its sector. After two decades of active support, we are proud to see Stahl continue its industrial and commercial development within an industrial leader such as Henkel.
The transaction announced today is fully in line with our capital allocation strategy announced during our December 2025 Capital Market Day and is a great illustration of the quality of Wendel Principal Investments (WPI) assets and the cautiousness of their value in our Net Asset Value, with a value to be realized representing a premium of over 20%. It also represents a first successful illustration of the efficiency of the advisory mandate given to IK Partners.
The sale of Stahl is a key milestone in the execution of the roadmap presented early December and will allow Wendel to fulfil its objectives of long-term value creation through its private assets investments, the development of Wendel Investment Managers (WIM) as a first-class private asset management platform and superior return to shareholders. It will allow us to execute the share buyback programme as announced at the Capital Market Day, after the release of our 2025 earnings.”
Maarten Heijbroek, CEO of Stahl: “We are deeply grateful to Wendel for the long-term partnership and support that have shaped Stahl’s trajectory over the past two decades. Under Wendel’s ownership, Stahl has undergone a significant transformation into a focused, pure‑play specialty coatings company with a strong global footprint, strengthened technologies, and a resilient market position. This transformation means we are now well‑positioned for further growth.”
As we move into our next chapter under the Henkel umbrella, we believe this transaction will further strengthen our leadership position in specialty coatings for flexible materials. Henkel’s strong innovation capabilities will further enhance the value we deliver to our customers, and our shared values make this a natural and exciting next step for Stahl.”