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Acquisition will strengthen and diversify specialty coatings activity.
February 10, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
Stahl, a provider of coatings technologies headquartered in the Netherlands, has agreed to acquire ICP Industrial Solutions Group (ISG), a leader in high-performance packaging coatings. This transaction will strengthen Stahl’s position as the global leader in the field of specialty coatings for flexible materials. ISG, a division of Innovative Chemical Products (the ICP Group), offers a comprehensive portfolio of high-performance coatings used primarily in packaging and labeling applications, notably in the resilient food and pharmaceutical sectors. ISG is mostly present in North America (close to 70% of sales), where it is a recognized technical leader. ISG’s coating technologies support the transition to more sustainable packaging which will be enhanced by Stahl’s environmental, social and governance (ESG) leadership position. ISG is expected to report 2022 sales of approximately $140 million, and the acquisition will bring Stahl’s annual sales beyond the €1 billion mark, with an EBITDA margin above 20%. Stahl has secured a new financing of $580 million for the acquisition, with a group of relationship banks, extending maturities until 2028. It will also be available to refinance its existing credit facilities and fund future external growth, with a focus on specialty coatings. “ISG is a strong strategic fit for Stahl, given the complementary nature of our business models, technologies, and footprints,” said Maarten Heijbroek, CEO of Stahl. “The acquisition will enhance Stahl’s growth profile, diversify our target markets, and broaden our technology base. Specialty coatings now represent approximately 75% of group sales.” The transaction is expected to close before the end of Q1 2023, subject to customary conditions. Grace Matthews served as the financial advisor to Stahl on the transaction.
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