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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.

KPS sees growth runway

Pierre de Villeméjane, partner and co-head of KPS Mid-Cap Investments, described Novacel as a “differentiated surface protection solutions manufacturer” with a broad product offering and wide geographic reach.

“Novacel's strong brand, renowned R&D capabilities and commitment to quality, combined with KPS' strategic, operational and financial resources, provide an ideal foundation for future growth,” he said.

How Chargeurs plans to use the proceeds

Chargeurs said the cash from the sale will be directed toward paying down debt, developing its remaining businesses and funding an exceptional dividend of up to €1.50 per share, subject to approval by the company’s governance bodies. The dividend is expected to be paid by June 30, 2027.

Timeline and regulatory path

KPS and Chargeurs entered exclusive negotiations in November, the company said. The transaction is expected to close by June, pending employee consultation procedures, the signing of definitive agreements and required regulatory approvals.

Chargeurs also noted that the transaction does not trigger a mandatory tender offer for its shares under French law, according to the French Financial Markets Authority.

As Chargeurs To Sell Novacel moves toward completion, the deal highlights how legacy industrial groups are recalibrating — shedding assets, reshaping ownership and betting that focus, not size alone, will drive future growth.