Stahl has agreed to acquire ICP Industrial Solutions Group (ISG), a high-performance packaging coatings manufacturer. ISG, a division of Innovative Chemical Products (the ICP Group), offers a 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). The transaction is expected to close before the end of quarter-one of 2023, subject to customary conditions. Grace Matthews served as the financial advisor to Stahl on the transaction.

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. We are excited about this opportunity and look forward to welcoming the excellent ISG team into the Stahl family.”

For more information, visit: https://www.stahl.com/.