Investcorp sells Stahl Holdings

Stahl Holdings, a Dutch surface coatings specialist, has been the target of a secondary buyout. Carlyle Group has teamed up with Oranje-Nassau Groep (ONG), a Dutch investment firm owned by French-listed investment group Wendel Investissement. They have agreed to acquire Stahl from affiliates of Investcorp in a transaction valued at about €520m.

The equity share invested by ONG, Carlyle and the Stahl management team amounts to about €160m, with ONG and Carlyle Group investing on an equal basis. Stahl employs about 1,400 staff and generates some €307m of annual revenues.

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

Carlyle will invest in Stahl through its second European buyout fund, Carlyle Europe Partners II. This is the 11th investment by the €1.8bn fund and its second in the chemicals sector.

In September 2004, Carlyle acquired AZ Electronic Materials, a specialty chemicals manufacturer supplying the flat panel display and semiconductor industries.

ONG and Carlyle were advised by Fortis, BredinPrat, Slaughter & May and NautaDutilh.