M&A Awards 2026: Henkel acquires Stahl (Best Deal 2026)

Brief description deal / Deal outline  

Henkel has agreed to acquire Stahl from its shareholders. Henkel, headquartered in Germany, operates globally in adhesives, sealants, functional coatings and consumer brands. Stahl, based in the Netherlands, is a leading supplier of specialty coatings and treatments for materials such as leather, synthetic materials and textiles, serving automotive, fashion and industrial markets. The acquisition combines complementary technologies and customer bases, strengthening Henkel’s position in sustainable and high-performance materials solutions and supporting further global growth.  

Why should this deal win the Award for Best Deal 2026?  

With the sale of Stahl to Henkel, at an enterprise value of €2.1 billion and closed on 1 October 2026, a remarkable Dutch growth story reaches its finale. The deal is one of the largest Dutch exits of the year and shows what patient, value-driven ownership can achieve. Over twenty years, a leather chemicals business from Waalwijk grew into the global leader in specialty coatings for flexible materials. 

That growth followed a clear strategy. After Wendel acquired Stahl in 2006, the company expanded through a series of well-chosen acquisitions, including Clariant Leather Services, Eagle Performance, BASF Leather Chemicals, ICP Industrial Solutions Group and Weilburger Graphics. A particularly clever move was paying former competitors BASF and Clariant partly in shares. As co-shareholders, they had every reason to support Stahl’s growth, and they now share in its success. Between 2006 and 2024, sales almost tripled, adjusted operating income grew fourfold, and the margin rose to 19.5%. 

The industrial logic is equally clear. Henkel Adhesive Technologies, the world’s largest adhesives business, gains through Stahl direct access to the neighbouring market for specialty coatings in mobility, fashion, luxury and packaging. Many of Stahl’s customers already work with Henkel, so the combination builds on existing relationships. Stahl also brings deep R&D and application know-how in a business model Henkel calls “asset-light, know-how-based and service-driven”. It is the largest of three acquisitions Henkel’s adhesives business completed in 2026, which together add about €1 billion in sales. 

The deal stands out for its careful preparation and complexity. Before the sale, the wet-end leather chemicals activities had been split off as Muno and were deliberately excluded, so Stahl came to market as a pure-play coatings company. The transaction required the joint sale by Wendel (68.5%), BASF (16.1%), Clariant (14.6%) and smaller minority holders. It involved a Dutch target, a German buyer and a French seller, with regulatory approvals in several jurisdictions and mandatory employee consultation. 

Despite that complexity, closing came less than eight months after signing on 4 February 2026, and Stahl’s operations continued as normal throughout. A&O Shearman advised Wendel, Clifford Chance advised Henkel and Cleary Gottlieb handled antitrust, with strong involvement from the Amsterdam practices. 

The financial result speaks for itself. Wendel receives net proceeds of about €1.14 billion, roughly 20% above its own valuation from September 2025. Over twenty years, that adds up to a net multiple of 6.3x on invested capital and an annualised IRR above 15%. BASF and Clariant also benefit substantially, with Clariant alone receiving about CHF 220 million. Henkel pays about 2.9 times Stahl’s 2025 sales of €725 million, a reasonable price for a high-margin, cash-generative market leader. 

The deal also has clear societal value. Stahl has about 1,800 employees, and most of its products are water-based. The company has long worked to make the leather and coatings supply chain more sustainable, and Henkel names Stahl as a direct contributor to its own sustainability goals. Under its new owner, these solutions can reach a much larger customer base. 

Henkel–Stahl brings together strategic vision, skilful execution, an excellent return and lasting value creation. It shows how far a Dutch specialist can grow. 

What is the impact of this deal for the company?  

For Henkel, the acquisition of Stahl is a strategic step into the attractive adjacent market for specialty coatings for flexible materials. Henkel Adhesive Technologies, already the world’s largest adhesives business, gains through Stahl a global market leader in leather finishing, performance coatings and packaging coatings for the mobility, fashion, luxury and packaging markets. Many of Stahl’s customers already work with Henkel, which creates clear cross-selling opportunities and a broader solutions platform. Stahl’s asset-light, know-how-based and service-driven business model strengthens Henkel’s margin profile, and its mostly water-based portfolio directly supports Henkel’s sustainability goals. Together with ATP Adhesive Systems and Wetherby Laroc, the deal adds about €1 billion in sales to Henkel’s adhesives business. For Stahl, the deal marks the move from a financial investor to a long-term strategic owner. After twenty years under Wendel, in which the company grew into a pure-play coatings company, its roughly 1,800 employees now gain access to Henkel’s global scale, R&D capacity and customer network. That gives Stahl a strong base to keep growing and investing in innovation and sustainable solutions. 

What is the impact of this deal for the direct stakeholders?  

Wendel. After twenty years of ownership, Wendel receives net proceeds of about €1.14 billion. That is a net multiple of 6.3x on invested capital, an annualised IRR above 15% and roughly 20% above its own most recent valuation. The exit supports Wendel’s portfolio rotation, and it keeps Muno, which was left out of the deal. 

BASF and Clariant. Their stakes, received in exchange for their former leather businesses, have now turned into substantial cash proceeds. Clariant alone receives about CHF 220 million. 

Henkel. Henkel gains a high-margin market leader that opens up the adjacent market for specialty coatings. It also adds R&D capability and a mostly water-based portfolio that supports Henkel’s sustainability goals. 

Stahl’s employees. About 1,800 employees now have a long-term strategic owner instead of a financial investor. Employee consultation took place before closing, operations continued as normal, and Stahl gains more room to invest and grow. 

Customers. Customers get one partner for both adhesives and coatings, with Henkel’s global reach behind it. 

What is the impact of this deal on society?  

The sale of Stahl to Henkel has a positive impact on society on several levels. Most of Stahl’s products are water-based, and the company has long worked to make the leather and coatings supply chain more sustainable through safer chemistry and more transparency. Henkel names Stahl as a direct contributor to its own sustainability goals. As part of Henkel, these solutions can now reach many more customers in automotive, fashion, luxury and packaging, so their environmental impact grows with them. The deal also brings stability to Stahl’s roughly 1,800 employees, who now have a long-term strategic owner. Employee consultation took place before closing, and operations continued as normal throughout. Combining Henkel’s scale with Stahl’s R&D and application know-how also creates a stronger platform for innovation in sustainable materials. Finally, the deal is a Dutch success story: it shows that a specialist from Waalwijk can grow into a global category leader and attract a top-tier strategic buyer, a strong signal for Dutch industry and for patient, long-term investment in the Netherlands. 

What was most complex about this deal?  

What made this deal most complex was bringing several parties, jurisdictions and processes together at once. Stahl had more than one owner: Wendel (68.5%), BASF (16.1%), Clariant (14.6%) and smaller minority holders all had to sell together. Each had its own interests, because BASF and Clariant had originally become shareholders by selling their own leather businesses to Stahl. The scope of the deal also had to be defined carefully. Muno, the wet-end leather chemicals business that had been split off from Stahl, was deliberately left out. Only that way could Stahl come to market as a pure-play specialty coatings company. On top of this, the deal crossed borders, with a Dutch target, a German buyer and a French seller. Closing required antitrust approvals in several jurisdictions and mandatory employee consultation. Despite all this, the deal closed within eight months of signing, and Stahl’s operations continued as normal throughout. That shows how carefully the parties and their advisers handled the transaction. 

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