Alongside the headline-grabbing megadeals, consolidation among mid-sized players is continuing in a more pragmatic, but structurally no less significant way. Where the large corporations move billions, this level of the market is typically about targeted acquisitions of capabilities, brands, or geographic reach, without independence itself being up for negotiation.
The Mid-Sized Players in the Paints & Coatings Industry Are Consolidating Quietly, but Methodically
Part 2 of a three-part series on M&A dynamics in the paints and coatings industry. Part 1 examined the industry’s three major billion-euro deals.
MIPA, Remmers, Peter Lacke, and Siegwerk: Growth Through Targeted Acquisitions
MIPA SE, based in Essenbach, has been particularly active: through its majority stake in Imparat Farbwerk (Hamburg) and its acquisition of Wildschek Lacke in Austria, the Bavarian manufacturer is systematically expanding its geographic footprint.
Remmers Group, based in Löningen, is meanwhile betting on Asia: with roughly €35 million for a majority stake in the Indian wood coatings company Teknovace, which is growing at an average of 43% per year, Remmers is positioning itself as a global player in the premium wood coatings segment. Production capacity is set to increase from 6,000 to 60,000 tonnes annually, with India serving not just as a sales market but increasingly as a global production and export hub.
Peter Lacke, based in Herford, is expanding its expertise in coatings for metallic substrates through its acquisition of Rickert.
Siegwerk, based in Siegburg and specialized in printing inks, is acquiring Hi-Tech Inks in India, making it the largest supplier in the Indian flexible packaging market. This, too, fits a broader pattern: German mid-sized companies are increasingly looking for growth outside their saturated home markets.
Kansai Helios: The Most Active Buyer Comes from Japan
The most active consolidator in the DACH industrial coatings segment, however, isn’t a German company at all, but Kansai Helios, the European platform of Japan’s Kansai Paint group. Within 24 months, the group acquired three German mid-sized companies: WEILBURGER Coatings (acquired from the Grebe family in May 2024), Westdeutsche Farben/wefa (completed in February 2026), and CWS Lackfabrik Düren (announced in February 2026). The platform is targeting revenue of €900 million by 2027, suggesting two to three further acquisitions over the next 18 months.
Dörken and J.W. Ostendorf: A Reshuffle in the Architectural Coatings Market
A revealing example of the ongoing restructuring in the architectural coatings market is the planned acquisition of J.W. Ostendorf (JWO) by Dörken Coatings, based in Herdecke. The Bundeskartellamt opened its review of the transaction on November 28, 2025, under case number B3-119/25. The affected product markets include wood care products for exterior building applications, painter’s accessories, and spray paints, decorative paints and coatings.
Dörken is one of the three largest suppliers of architectural coatings in Germany, but no longer sees sufficient growth potential in this segment to further expand its relevance. Rather than retreating, Dörken has chosen a more offensive path: alongside the ongoing antitrust review, the company already entered into a production partnership in March 2026, under which architectural coatings production is being gradually shifted from its Herdecke site to JWO’s site in Coesfeld. As part of this arrangement, Dörken is investing in JWO’s site and technology, while JWO produces according to Dörken’s formulations.
JWO itself had already undergone a change of ownership in 2024, when the Danish group Hempel sold the company to Munich-based financial investor Fidelium Partners, which subsequently repositioned JWO as an independent specialist in private-label and contract manufacturing. The fact that a strategic buyer like Dörken is now stepping in shows that even private equity holding periods of under two years are possible in this industry, provided the strategic fit is convincing.
What is driving this consolidation economically, and what is the market currently paying for such companies? That’s the focus of the third and final part of this series.
