Henkel has agreed to acquire specialty coatings group Stahl for €2.1bn, delivering a major exit for Wendel after nearly two decades of ownership.

The French investment firm is selling its controlling stake in the Dutch-based business, while minority shareholders BASF and Clariant will also divest their holdings. The transaction values Stahl at about $2.5bn and remains subject to regulatory approvals.

Wendel originally invested in Stahl alongside Carlyle in 2006 for €520m before gaining full control following a restructuring. Since then, the business has expanded through acquisitions, including assets previously owned by BASF and Clariant, and now employs around 1,700 people.

“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,” Laurent Mignon, Wendel Group CEO, said in a statement. 

“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%,” he added.

The sale comes amid rising expectations of consolidation in the chemicals industry, as companies grapple with weak demand, high energy costs, and competitive pressure. For private equity investors, the transaction underlines continued strategic buyer appetite for specialised industrial assets with global scale.

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