Oranje-Nassau Groep (ONG), a 100% subsidiary of Wendel Investissement, and the Carlyle Group, have signed an agreement to acquire Stahl Holdings BV from affiliates of Investcorp. The transaction is subject to approval from the competition authorities.

Stahl Holdings, with €307 million of consolidated revenues, headquartered in the Netherlands, are leading surface effects specialists, providing a broad range of formulated products and services in both leather chemicals and non-leather high performance coatings.

As a global business, Stahl operate through nine manufacturing sites and 26 technical service laboratory facilities, selling their products into 66 countries worldwide. In total the company employ approximately 1,400 people, many of whom are dedicated technical experts, offering customised client service throughout the world (www.stahl.com).

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, 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.’

ONG and Carlyle intend to consolidate Stahl’s world leadership position in leather finish and to further expand the Permuthane business, both through organic growth and add-on acquisitions.

Oranje-Nassau Groep BV are a Dutch investment firm, wholly owned by the French listed investment group Wendel Investissement, with a market capitalisation of more than €5 billion. Besides their private equity activities, ONG also invest in and manage upstream energy and real estate assets.