ONG & Carlyle to buy Stahl – leather finishing leader
16 May '06
2 min read
Oranje-Nassau Groep (ONG), a 100 percent subsidiary of WENDEL Investissement and The Carlyle Group announce that they have signed an agreement to acquire Stahl Holdings B.V. from affiliates of Investcorp. The transaction is subject to approval from the competition authorities.
Stahl Holdings B.V., with €307 million of consolidated revenues, headquartered in the Netherlands, is a leading surface effects specialist, providing a broad range of formulated products and services in both leather chemicals and non-leather high performance coatings.
Stahl enjoys a leading market position as a supplier to the world-wide leather producing industry in which it has long-standing customer relationships dating back to the 1930's.
The value of the transaction is approximately €520 million. The equity invested by ONG, The Carlyle Group and the Stahl management team amounts to about €160 million, with ONG and The Carlyle Group investing on an equal basis.
Frank Policky, CEO of Stahl Holdings B.V. said: ”We look forward to working with ONG/WENDEL Investissement and Carlyle to further develop and grow the value of Stahl. This investment will give us the means to expand our presence in both Performance Coatings and in Leather Chemicals.”
Bernard Gautier, of the management Board of WENDEL Investissement said: “We are thrilled by this acquisition carried out by Oranje-Nassau which, following the recent investment in the waste management company AVR, confirms the subsidiary's strategy towards a diversification of its activities supported by WENDEL Investissement in order to accede to more international opportunities.”
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