Henkel to Acquire Majority Stake in Stahl Group from Wendel in €2.1B Deal

Henkel, known for brands such as Loctite adhesives and Persil detergent, said the acquisition strengthens and broadens its existing product offering.

A&O Shearman is advising Wendel on the transaction, led by Amsterdam corporate partner Charles Honee and Paris-based M&A and private equity partner Marc Castagnede. Wendel, listed on Euronext Paris, is supported internally by Sébastien Metzger, general counsel for M&A and finance.

Henkel is being advised by Clifford Chance partners Anselm Raddatz in Düsseldorf and Jeroen Thijssen in Amsterdam on infrastructure, private equity, and M&A matters. Cleary Gottlieb Steen & Hamilton is providing antitrust advice through Cologne-based partner Julian Sanner.

Henkel stated that Stahl’s expertise in specialty coatings for flexible materials represents a strong strategic fit with its adhesives technologies business. Stahl employs roughly 1,700 people worldwide and generates annual revenue of about €725 million.

Maarten Heijbroek, CEO of Stahl, emphasised the transformative journey under Wendel’s ownership, which helped establish Stahl as a focused speciality coatings leader. “Under Wendel’s ownership, Stahl has undergone a significant transformation into a pure-play speciality 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,” Heijbroek said.

Stahl has assured its employees, customers, and partners that operations will remain unchanged during the transition period. The company will continue to operate with its existing organisation and fulfil its commercial and operational commitments. The completion of the transaction is subject to regulatory approvals and customary closing conditions, with further updates expected as the process advances.

Wendel clarified that the transaction does not include its participation in Muno, a Belgian company focused on wet-end leather production chemicals.

Completion of the deal remains subject to customary closing requirements, including regulatory clearances and employee consultation procedures.

Separately, consolidation activity in the coatings sector continues. Law firms including De Brauw Blackstone Westbroek, Wakkie+Perrick, Davis Polk & Wardwell, and Cravath, Swaine & Moore recently advised on the merger agreement between Akzo Nobel NV and Axalta Coating Systems, a transaction expected to create a global coatings company valued at roughly $25 billion.

Sophie Stevenard