We support entrepreneurs in M&A transactions within the paints and coatings industry, from the initial discussion right through to completion, drawing on industry expertise that generalists lack. Formulations, customer loyalty, raw materials management and brand strategy are often just as important as financial indicators. We understand these dynamics, the buyer landscape and the transaction market.
How much is your paint and varnish business worth?
Our valuation is based on your company’s key financial indicators and is refined using sector-specific factors: business segment, sustainability profile and competitive position. In the paints and coatings industry, these qualitative drivers can significantly influence the valuation. We provide you with a well-founded initial guide.
Simply fill in the form and you will then receive your valuation estimate by email. A free, personal consultation is also available, but this is not a requirement. We will, of course, treat your details with 100% confidentiality.
Current market trends to guide your strategy
Our transaction analyses show where capital is flowing, what valuations are being paid and which structures are proving successful. The market is in flux: strategic buyers are expanding their regional platforms, private equity firms are turning to the paints and coatings industry as a defensive growth investment, and medium-sized companies are being acquired in a targeted manner.
Valuation levels are moderate: a return to the long-term average following two periods of economic volatility, rather than persistently low. The median EV/EBITDA ratio for the seven listed paint and coatings manufacturers currently stands at 9.1x; this is 21% below the ten-year average of 11.5x and 38% below the peak of 14.8x reached in the fourth quarter of 2021.
Quelle: Source: LCO Research based on public annual financial statements, market capitalisations and Capital IQ data. Figures = Enterprise Value / EBITDA (LTM). Figures prior to 2024 are LCO estimates; from Q3 2024 onwards, they are verified via MarketScreener and Capital IQ. Peer group: Sherwin-Williams, PPG Industries, RPM International, Axalta Coating Systems, AkzoNobel, Nippon Paint and Kansai Paint.
Kansai Helios acquires CWS paint factory
Kansai Helios is expanding its industrial presence in the DACH region. CWS brings with it OEM approvals and a German sales network. Kansai had previously lacked both of these. The estimated purchase price of 9–10x EBITDA reflects the company’s specialisation.
Loy & Co AnalysisMedium-sized industrial coatings specialists with OEM approvals are increasingly coming under the spotlight of Japanese and European strategists.Carlyle / QIA acquires BASF Coatings
The biggest paint and coatings deal of the decade. BASF is focusing on its core chemicals business, whilst Carlyle and QIA see coatings as a high-margin, defensive platform. The valuation of 13x EBITDA / 2x turnover represents a strategic premium.
Loy & Co AnalysisSpin-offs within automotive OEMs offer attractive PE targets: multi-billion capital is flowing into the sector.
MIPA SE acquires a majority stake in IMparat
Both companies are combining their strengths: IMparat is maintaining its market position, whilst MIPA is strengthening its presence in northern Germany.
Loy & Co TransactionWe advised the shareholder of IMparat Farbwerk Iversen & Mähl GmbH & Co. KG on the sale of a majority stake (51 per cent) to MIPA SE.
Ardian acquires a minority stake in Sicer
Ardian is acquiring a minority stake in the Italian wood and industrial specialist. The arrangement gives the entrepreneur control and provides him with growth capital.
Loy & Co AnalysisMinority investments are a genuine alternative to a full sale. The entrepreneur continues to share in the growth and receives partial liquidity.
AkzoNobel and Axalta are merging
The top 10 companies are merging to become the number two player behind Sherwin. The merger will capitalise on economies of scale and synergies in the automotive OEM, refinish and protective sectors. The integration will necessitate the divestment of overlapping businesses.
Loy & Co AnalysisMergers generate sales. Small and medium-sized enterprises can take over by-products that the merged entity is required to divest for competition law reasons.
Sherwin-Williams acquires BASF Suvinil
Sherwin is expanding its Latin American platform. Suvinil is the market leader in Brazil’s decorative segment. The valuation of 12.6x EBITDA reflects a premium for market leadership.
Loy & Co AnalysisBrands with regional market leadership achieve double-digit multiples even outside the core Western markets.
MIPA SE acquires Wildscheck Lacke
A small add-on acquisition by MIPA in Austria. Estimated valuation: ~7.5x EBITDA. A typical bolt-on acquisition of a medium-sized company, offering synergies in production and procurement as well as strengthening the group’s regional presence.
Loy & Co AnalysisSmall DACH-based paint companies are increasingly being acquired as bolt-ons by medium-sized European groups.
Source: Our own database and public sources (Mergermarket, PitchBook, VdL, ECJ). DACH/Europe 2025–2026.
How we accompany you
Whether it’s succession, growth, a spin-off or a niche strategy: we know the industry, the buyers and the valuation principles. With direct access to decision-makers worldwide and a database of relevant market participants, we make the difference.
When the question of succession arises, a realistic assessment of market value, potential buyers and structural options is key. We support the full sale as well as a partial exit or a handover within the family. Confidentially, discreetly, and in a goal-oriented manner.
We identify target companies based on technological, regional or application-specific fit, and structure transactions with a view to their subsequent integration. Whether it’s platform building for financial investors or targeted acquisitions for corporate groups and medium-sized companies.
Companies are increasingly divesting themselves of business units outside their core operations. We support spin-offs and partial sales, from the operational separation right through to approaching strategic buyers and private equity platforms in the coatings sector.
Transaction experience in the chemicals, paints and coatings sector
Direct access to key decision-makers in the industry
As a member of VILF e.V., the Association of Engineers in the Paint and Coatings Industry, and with a network of experienced senior advisers, we have direct access to the relevant market players. This provides our clients with insights and contacts that go beyond traditional M&A advisory services.
Resources and initiatives to help you get ahead
Trade publications
We monitor the industry, analyse market trends and contribute as authors and experts to leading trade publications such as »Farbe und Lack« and »European Coatings«.
Newsletter
Every quarter, we bring together the key information for entrepreneurs and investors in the sector: new M&A deals, current valuation multiples and regulatory changes.
Industry Study
In-depth analyses of valuations, trends and developments in the paints and coatings industry, providing a basis for strategic decision-making in a volatile market.
Database
Insight into competitive landscapes and buyer and seller structures in the DACH region: our database of all relevant market participants enables us to target the market precisely.
An Overview of the Industry
The market for paints and coatings is diverse: application segments, the value chain, brand strategies and technologies each follow their own logic and success factors. Those who understand the industry recognise opportunities sooner.
Manufacturers develop and produce bespoke paints and coatings for a range of applications, from the automotive and industrial sectors to decorative coatings. Innovation, efficiency and regulatory compliance (e.g. REACH, VOC limits) are crucial to competitiveness and market success.