Henkel has announced that it is in discussions to acquire the Dutch company Stahl, which is part of Wendel's portfolio. The French group has also confirmed the existence of non-exclusive negotiations. Stahl specializes in chemical products for surface treatment and coatings.
At the end of November 2024, Bloomberg reported that Wendel was considering a sale, mentioning a valuation that could reach €2bn. Over a year later, the price has likely changed, but nothing has been disclosed on this point. Stahl did not find a buyer at the time.
"From a strategic perspective, the transaction appears aimed at leveraging Henkel's broad customer access within its Adhesive Technologies division to market Stahl's solutions," notes Akash Nandy, who covers the case at AlphaValue. Stahl generated sales of €930m in 2024. According to the analyst, the price mentioned at the end of 2024 (€2bn) implies an enterprise value to sales (EV/Sales) multiple of about 2.15x, which "seems demanding compared to Henkel's multiple of around 1.4x."
Wendel is an investment company specializing in long-term share acquisitions in listed and non-listed companies with leading positions in order to accelerate their growth and development.
Wendel is a shareholder of Bureau Veritas (26.82% owned as at December 31, 2024; certification and quality control services), Crisis Prevention Institute (CPI; 96.27%; training services), Stahl (68.07%; manufacture of chemical products for surface coating), Tarkett (25.6%; manufacture of floor coverings and sports surfaces), IHS (19%; mobile telecommunications infrastructure), ACAMS (97.94%; training and certifications for anti-money laundering and financial crime prevention), Scalian (82.02%; digital transformation and business process management) and Globeducate (49.3%; nursery to secondary education).
With Wendel Growth, Wendel invests via funds or directly in innovative, high-growth companies.
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