M&As: Henkel to acquire specialty coatings company Stahl; Hexpol completes acquisition of Italy’s Vipa

Multinational firm Henkel has agreed to acquire the Dutch-based Stahl Group for a purchase price of EUR2.1 billion, which is majority-owned by the French Private Equity firm Wendel SE. Stahl is a global player in high-performance specialty coatings for flexible materials, serving leading brands across automotive, fashion & lifestyle and packaging markets around the world.

The portfolio comprises leather finishing coatings, performance coatings as well as high-performance paper packaging & graphics coatings. The company employs around 1,700 employees and generated adjusted sales of approximately EUR725 million in fiscal year 2025 with a balanced regional footprint.

“With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for purposeful growth. It will enable us to expand into the attractive adjacent category of specialty coatings with product offerings in core as well as in new end-markets, driving further growth in our Adhesive Technologies business unit. Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to one billion euros of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business,” said Henkel CEO Carsten Knobel.

“Stahl operates an asset-light, know-how-based and service-driven business model with a high degree of customization, making it a great strategic fit for our business. The company offers a complementary portfolio serving various customer segments, many of which are already served by Adhesive Technologies. Furthermore, it provides valuable complementary technology and R&D capabilities that will enable us to bring more innovation to our customers. With majority of the revenues generated through environmentally responsible water-based solutions, Stahl will underpin our sustainability commitments,” said Mark Dorn, Executive Vice President and responsible for Henkel’s Adhesive Technologies business unit.

The transaction is still subject to certain conditions, including mandatory consultation processes, regulatory approvals and other customary closing conditions.

Meanwhile in other news, compounder Hexpol has acquired 100% of Italian company Vipa Group with headquarters in Ancarano on the Italian east coast. The company is one of Europe’s leading developers and manufacturers of thermoplastic compounds with focus on the fast-growing Wire & Cable segment. The acquisition significantly strengthens Hexpol’s product portfolio and geographical reach in the segment.

Vipa Group is being acquired from the Paolini family, who founded the company in 1969 and has since then developed the business into a true specialty compounder with above market profitability. The Paolini family will support the transition to Hexpol ownership during a period of 18 months while the current CEO, Nicola Vigolo, will continue to manage the company as a subsidiary within the Hexpol structure.

The operations include two well-invested production sites in Italy, as well as a state-of-the-art R&D centre. In 2025 the company had a turnover of EUR76 million, approximately 80 employees and open capacity to grow within the current footprint. Vipa Group will significantly strengthen Hexpol’s Wire & Cable offering with exposure to electrification, data centres, telecom and smart buildings.

The acquisition includes the entire Vipa Group, consisting of the companies Vi.pa S.r.l. and Vi.pa Polimeri S.r.l.

SUBSCRIBE to Get the Latest Updates from PRA    Click Here»