Wendel takes major stake in Stahl

Netherlands

Published: 03 March, 2010

Stahl, the speciality chemicals group, which includes leather chemicals, have completed a financial restructuring, with unanimous consent from major lenders as well as hedge fund counterparts for its debt-for-equity offering.

Wendel, one of Europe's leading listed investment firms, have increased their shareholding in Stahl from 48% to 92%, by purchasing Carlyle’s shareholding and contributing €60 million, with the company management and other lenders holding the balance (8%).
On restructuring, Stahl's debt has reduced from €350 million to €195 million, while senior lenders have provided a new €25 million working capital facility.
Stahl have experienced a progressive recovery in trading and profitability since 2008, with a particularly strong fourth quarter of 2009 and a promising start to 2010. The restructuring provides an appropriate capital structure going forward to support continuing investment and growth of the global business.
Stahl provides finishes for leather, flexible and non-flexible substrates, textiles and related products, and also produces chemicals and dyes for the processing of leather. Stahl operates seven manufacturing sites and 26 technical service laboratory facilities worldwide and employs 1,100 people in more than 28 countries.
Wendel invests in companies, which are considered leaders in their fields and is listed on Eurolist by Euronext Paris.

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