Whitestone Group Acquires 44% Stake in Mäder for €23.6M
Whitestone Group has completed the acquisition of a 44% stake in Mäder Group, a European producer of paints and technical coatings. The investment of €23.6M, made entirely in equity, utilizes a substantial portion of the €54M raised in April.
A Minority Stake Alongside the Founding Family
Whitestone Group has acquired 44% of the capital of Mäder, a group founded in 1993 by the Molina family and based in Villeneuve-d'Ascq (Hauts-de-France). The €23.6M investment was made in the form of equity complemented by a convertible bond. This transaction represents the largest investment ever made by Whitestone Group. The Molina family retains the majority of the capital and the management of the group. Julien Molina, CEO since 2022, remains at the helm of the company. Two of the three historical financial shareholders (Naxicap Partners and Bpifrance) have exited the capital, while BNP Paribas Développement remains alongside Whitestone. A supervisory board has been established to oversee the executive power, with an equal number of representatives from Whitestone and the Molina family.
A European Leader in High-Value Technical Solutions
Mäder designs, produces, and markets solutions in paints, coatings, resins, and composites for demanding industrial markets: rail, automotive, general industry, and industrial piping. The group employs about 650 staff and generated a turnover exceeding €160M. The company operates 7 production sites located in France, Germany, Switzerland, and India, and has a distribution network covering nearly 70 countries. Mäder has received the EcoVadis gold medal in recognition of its innovation intensity, particularly in environmentally friendly chemistry.
Acceleration of Organic and External Growth
This new capital configuration aims to enable Mäder to pursue its development plan through organic growth and acquisitions. Frédéric Pouchain, CEO of Whitestone Group, emphasizes that this investment meets all the financial, sustainability, and governance criteria of the group. It mobilizes a significant portion of the capital raised at the beginning of 2026, illustrating the holding's ability to rapidly deploy its resources. This investment is part of Whitestone's goal to double its net revalued assets by 2030.
