KPS Capital Partners announced it has signed a definitive agreement to acquire a controlling stake in Novacel, the surface protection solutions business currently owned by Compagnie Chargeurs Invest SA. Chargeurs will reinvest alongside KPS and retain a 25% ownership interest in the company. Financial terms were not disclosed.
Novacel manufactures surface protection solutions used across building exterior and interior applications, equipment, industrial uses, appliances and transportation. The company offers process and protection films, tapes, papers and specialty machines. Novacel is headquartered in Deville, France, employs about 700 people, and operates six manufacturing facilities and three R&D centers across France, Italy and the United States.
KPS positioned the deal as a platform investment in a specialized manufacturing business with a broad product range and geographic footprint. Chargeurs framed its decision to retain a minority stake as a vote of confidence in Novacel’s earnings growth potential under KPS ownership, while also pointing to a future strategy centered on M&A in the surface protection market.
The deal is expected to close in the second quarter of 2026, subject to customary closing conditions and approvals.
Support: Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel and Rothschild & Co served as financial advisor to KPS.
KEY QUOTES
“We are excited to acquire a controlling stake in Novacel, a differentiated surface protection solutions manufacturer with a diverse product portfolio, broad geographic footprint, best-in-class R&D capabilities and an attractive customer base. The Company’s solutions are essential to its customers’ manufacturing processes across a wide range of applications. We look forward to working with Novacel’s talented management team to build upon this great platform. 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.”
David J. Greenwald and Jeh C. Johnson, Co-Chairs of the Columbia University Board of Trustees
“KPS, with its demonstrated track record of manufacturing excellence is the ideal next owner of Novacel as it enters this next phase of growth as an independent company. We look forward to working closely together with KPS and our talented team to expand our technical leadership and continue delivering new, innovative high-quality products that provide significant value for our customers. KPS’ commitment to manufacturing excellence, operational improvement and innovation will enable us to build on Novacel’s strong market position and deepen our partnerships with customers globally.”
Philippe Denoix, Chief Executive Officer of Novacel
“We have been compelled by KPS’ strategic vision for Novacel and its proven track record in managing global manufacturing and industrial businesses. Chargeurs’ investment alongside KPS highlights our belief in the Company’s earnings growth and value creation potential under KPS’ direction, and we look forward to partnering with KPS in driving Novacel’s next phase of growth, with a focus on M&A build up in the surface protection market.”
Michaël Fribourg, Chairman and Chief Executive Officer of Chargeurs
