ATP bought a 100% stake in Neschen from Munich investment firm Blue Cap for an undisclosed sum in the tens of millions, and around 10% above its latest net asset value valuation.
Neschen, which offers adhesive plastics and films for graphic media, laminators, book protection and various industrial applications, was bought from insolvency by Blue Cap in 2016, which sought to turn the company around.
Neschen is now expected to generate revenue of €200-220m (£165-184m) with an adjusted EBITDA margin of 9.5-10.5% for 2024.
“We are thrilled to welcome Neschen into the ATP family,” said Daniel Heini, CEO of the ATP Group.
“This acquisition is not just about increasing our production capacity, but also about advancing our shared commitment to sustainability. Together, we will continue to lead the market with innovative, solvent-free solutions.”
The acquisition has strengthened ATP’s production capacity, and given a boost to its portfolio of more sustainable products, given Neschen’s focus on solvent-free adhesives.
It will also increase ATP’s supply chain resilience, broaden its market reach and add more products for the graphic arts segment.
Neschen’s managing director, Nils Honscha, said: “Blue Cap has supported us very closely and in a spirit of partnership over the last few years. We are grateful to the entire team for their strategic support and valuable expertise, which has enabled us to significantly strengthen our market position.”
Henning von Kottwitz, Blue Cap’s CEO, said: “I am very pleased that we are able to sell Neschen to a suitable strategic investor in a challenging economic environment.
“This sale implements our best owner approach and is a consistent and value-generating step for Blue Cap. With this exit, our shareholders benefit from the increase in value that we have been able to achieve at Neschen in recent years.”
Nils Honscha, managing director of Neschen, added: “Blue Cap has supported us very closely and in a spirit of partnership over the last few years. We are grateful to the entire team for their strategic support and valuable expertise, which has enabled us to significantly strengthen our market position.”
