IK Partners advises Wendel on the sale of Stahl

IK Partners (“IK”), a leading European private equity firm, has advised Wendel on the sale of its stake in Stahl (“the Company”) to Henkel for an enterprise value of €2.1 billion.

The IK Wendel Principal Investments (“WPI”) team, established in early 2026 to support Wendel’s direct investment activities and led by Xavier Lemonnier, has advised Wendel on the signing of an agreement to sell Stahl (excluding Muno). Wendel invested in Stahl in 2006, with the exit generating a net money multiple of 6.6x and an IRR in excess of 15% over the 20-year hold period.

Stahl is a global leader in specialty coatings for flexible materials. The Company benefits from favourable end-market trends — particularly in premium consumer segments — strong exposure to high-growth regions (such as Asia) and a product portfolio driven by sustainable technologies.

Henkel is a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets. Henkel benefits from a strong track record in innovation, technology leadership and sustainability.

The transaction is subject to mandatory consultation processes and the satisfaction of customary closing conditions, including regulatory approvals.

Xavier Lemonnier, Partner at IK and Head of the WPI Strategy, said: “We are pleased to be able to announce such a significant transaction so soon after the announcement of the advisory mandate given to IK to support Wendel, leveraging IK’s deep investment expertise. The sale of Stahl to Henkel represents a great outcome for all stakeholders.”

For further details on the transaction, please refer to Wendel’s press release.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com