Grace Matthews advises Stahl on Agreement to Acquire ICP Industrial Solutions Group

MILWAUKEE (February 6, 2023) – 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. The transaction will strengthen Stahl’s position as the global leader in the field of specialty coatings for flexible materials and is expected to close before the end of Q1 2023, subject to customary conditions.

ISG, a division of the ICP (Innovative Chemical Products) 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 a global business with the majority of its sales in North America (close to 70% of sales), where it is a recognized technical leader. Its coating technologies (water-based and energy cured) help its customers transition to more sustainable packaging. ISG generates annual sales of approximately $140 million.

Following the acquisition, Stahl sales will exceed €1 billion. Stahl is a portfolio company of Wendel Group.

Grace Matthews served as the financial advisor to Stahl on the transaction.

With headquarters in Waalwijk, the Netherlands, Stahl works with partners worldwide to develop and deliver the essential solutions behind everyday materials, including footwear, clothing, cars, and home furnishings. Supported by a global workforce of nearly 2,000, Stahl’s technologies help these materials to perform better for longer, while reducing their environmental impact. Stahl was established in 1930. Nearly a century later, it remains committed to securing better living for all by enabling high living standards within planetary boundaries.
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Led by trusted brands, Nicoat®, MinusNine and Hi-Tech Coatings, ICP Industrial Solutions Group is the global leader in the development, application, and technical support of specialty coatings. From dedicated R&D centers, innovation is ISG’s passion. With over five decades of experience, ISG leverages its high-performing portfolio of aqueous, UV/LED/EB, silicone, and specialty coatings and adhesives technologies to deliver tailored customer solutions to the graphic arts and printing industries. ISG is a division of Innovative Chemical Products, a portfolio company of Audax Group.
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Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past two decades, Grace Matthews has successfully completed over 200 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, visit

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