ICP Industrial Solutions Group on its Sale to Stahl Holdings BV

April 06, 2023


Financial advisor to ICP Industrial Solutions Group




$205 Million




Netherlands, United States


Stahl, a provider of coatings technologies headquartered in the Netherlands, has completed the acquisition of ICP Industrial Solutions Group (ISG), a leader in high-performance coatings for packaging and labeling applications. The acquisition reinforces Stahl’s position as the global leader in the field of specialty coatings for flexible substrates.

ICP Industrial offers a comprehensive portfolio of high-performance coatings used primarily in packaging and labeling applications, notably in the food and pharmaceutical sectors. ICP Industrial is primarily active in North America (close to 70% of sales), where it is a recognized technical leader. It also operates in Europe, under the “HiTech Coatings” brand name.

In addition to enhancing Stahl’s product offering and manufacturing capabilities, the acquisition stands to strengthen the company’s environmental, social, and governance (ESG) leadership position. The integration of ICP Industrial coating technologies (water-based and energy-cured[1]) will enable Stahl to support customers in their transition to more sustainable packaging.

With ICP Industrial reporting sales of approximately USD 140 million in 2022, the acquisition will bring Stahl’s annual sales beyond the EUR 1 billion mark, with an EBITDA margin above 20%.

About ICP Industrial

ICP Industrial combines two market leading technology companies to form a high-performance portfolio of aqueous, UV/LED/EB, silicone, specialty coating and adhesive technologies. The strength of our technology group leads the way with innovative, customized products, superior customer service, and outstanding quality. ICP Industrial’s capabilities include:

  • Technology group focused in four distinct areas: Aqueous, UV/LED/EB, Silicone and Technical Service
  • Two innovation centers; three state of the art manufacturing facilities
  • Application development expertise
  • Over five decades of formulation experience
  • Technical service support for on site testing and scale up
  • Leading innovator in graphic arts industry
  • Rigorous Quality Control delivers product consistency
  • Regulatory Compliance support

Completing this important strategic acquisition is an important milestone for our organization. Stahl and ICP’s product focus and technologies are highly complementary, and the acquisition will enhance our growth profile, diversify our target markets, and broaden our technology base.

Maarten Heijbroek CEO, Stahl

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