Wendel Sells Stahl to Henkel for 2.1 Billion Euros
Wendel has signed an agreement to sell its stake in Stahl, the global leader in specialty coatings for flexible materials, to the German group Henkel for an enterprise value of 2.1 billion euros. The transaction would generate a net sale proceeds of approximately 1.2 billion euros for Wendel.
Wendel, which held 68.5% of Stahl's capital, is selling its stake to Henkel, a global leader in coatings and adhesives. This sale excludes Muno, the leather chemical treatment business that was spun off in early 2026 and continues to operate as an independent company predominantly owned by Wendel. Other shareholders of Stahl (BASF at 16.1%, Clariant at 14.6%, and minority shareholders) are also selling their shares to Henkel. The closure is subject to mandatory consultations and regulatory approvals.
Financial Impact for Wendel
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The net proceeds from the sale for Wendel are estimated to be around 1.2 billion euros, after deducting debt and transaction expenses. This amount represents 6.6 times Wendel's total investment in Stahl since 2006, including 427 million euros of cash paid in the past. It corresponds to an annualized internal rate of return of over 15% over 20 years. These net proceeds compare to 960 million euros, corresponding to the last valuation of Stahl in Wendel's revalued net assets published on September 30, 2025.
Performance of Stahl Under Wendel's Ownership
Between 2006 and 2024, during Wendel's ownership period, Stahl's global revenue nearly tripled, growing from 316 million euros to 930 million euros (excluding Muno activities). The adjusted operating income quadrupled, rising from 44 million euros in 2006 to 181 million euros in 2024, with an adjusted operating margin increasing by 550 basis points to reach 19.5% in 2024.
« L'objectif de plus de 200 M€ de FRE pro forma sur l'ensemble de l'année est confirmé »
Risks mentioned
Scalian : chiffre d'affaires en baisse de 5,1 % dans un marché contraint, notamment en France
CPI : incertitudes sur les financements fédéraux américains pesant sur la demande
Décollecte nette de 0,09 Md$ sur le BDC non coté Monroe Capital Income Plus
Opportunities identified
Acquisition de Committed Advisors portant les encours à 48,7 Mds€ et diversifiant vers le secondaire
Levées de fonds de 2,2 Mds€ au S1 2026 et pipeline commercial jugé très positif
Environ 1,65 Md€ de produits attendus des cessions de Stahl et IHS pour financer croissance et retours
Outlook / guidance
Management commentary: Une croissance organique modérée à élevée à un chiffre de son chiffre d'affaires (contre une croissance organique modérée à un chiffre […] du chiffre d'affaires précédemment)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
