Chargeurs To Sell Novacel marks a strategic pivot for the French industrial and financial group, which said Monday it has agreed to divest its surface protection business to U.S. private equity firm KPS Capital Partners LP in a transaction valued at about €230 million ($273 million).
The sale, guided by Paul Weiss Rifkind Wharton & Garrison LLP, underscores Chargeurs’ effort to streamline its portfolio while unlocking capital to reduce debt, invest in growth and reward shareholders.
Reinvestment and ownership reshuffle
Compagnie Chargeurs Invest SA, listed on Euronext Paris, said it plans to reinvest roughly €30 million from the proceeds to acquire a 30% stake in Chargeurs Films de Protection SAS — the entity that operates under the Novacel name.
Paul Weiss Rifkind Wharton & Garrison LLP is acting as legal adviser to KPS in the transaction. Counsel information for Chargeurs was not immediately available.
A global surface protection specialist
Novacel operates as a global manufacturer of surface protection solutions used in building interiors and exteriors, as well as in industrial equipment and household appliances. Its product range includes films, tapes, papers and specialized machinery.
Headquartered in Deville, France, the business runs six manufacturing sites and three research and development centers across France, Italy and the United States.
