Compagnie Chargeurs Invest S.A. Sells Novacel to KPS Capital Partners
Compagnie Chargeurs Invest (CRI) is executing a landmark divestiture that will reshape its balance sheet and refocus its strategy on core textile and luxury‑material businesses. The French‑listed holding has entered into a definitive agreement with KPS Capital Partners, LP, to transfer a controlling stake in its wholly‑owned subsidiary, Chargeurs Films de Protection SAS (Novacel), to the U.S. private‑equity firm. Under the terms announced on 26 January 2026, KPS will assume majority ownership while CRI will retain a 25 % holding in the newly independent company.
A strategic pivot for CRI
The deal signals CRI’s intent to streamline its operations and concentrate on the four segments that form the backbone of its global footprint: Protective Films, Fashion Technologies, Technical Substrates, and Luxury Materials. Novacel, with roughly 700 employees spread across six manufacturing sites and three R&D centers in France, Italy, and the United States, has long been a pillar of CRI’s protective‑film business. By relinquishing control, CRI removes the operational drag of a complex manufacturing operation and positions itself to accelerate growth in high‑margin textile and apparel technologies.
Moreover, CRI’s decision to keep a minority stake reflects confidence in Novacel’s earnings trajectory and the synergies KPS plans to unleash. The company’s leadership, represented by CEO Michaël Fribourg, has explicitly endorsed KPS’s “strategic vision for Novacel” and its proven track record in managing global manufacturing enterprises. This endorsement lends credence to the view that the transaction will unlock significant value for both parties.
KPS’s rationale and expected outcomes
KPS Capital Partners, known for its focus on mid‑cap manufacturing assets, is attracted to Novacel’s diversified product suite—process and protection films, tapes, papers, and specialty machines—and its broad geographic footprint across building, industrial, appliance, and transportation markets. The private‑equity sponsor cites Novacel’s “best‑in‑class R&D capabilities” and an “attractive customer base” as key drivers for its acquisition.
KPS intends to deploy both strategic and operational resources to expand Novacel’s technical leadership. CEO Philippe Denoix’s statement that KPS will “build upon this great platform” underscores the expectation that the partnership will accelerate product innovation, deepen customer relationships, and drive an M&A‑focused build‑up within the surface‑protection niche.
The transaction is slated for completion in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. While the financial terms remain undisclosed, the magnitude of the deal—given Novacel’s status as a global leader—suggests a substantial outlay that will materially enhance CRI’s capital structure.
Market implications
CRIs stock, currently trading at EUR 10.30 with a market cap of approximately EUR 248 million, has been trading below its 52‑week low of EUR 9.52. The divestiture is likely to be viewed by investors as a bullish signal, clearing the way for a sharper focus on higher‑margin textile and luxury‑material segments. Additionally, the retention of a 25 % stake offers CRI a foothold in a potentially high‑growth sector without the burdens of day‑to‑day management.
KPS, meanwhile, is poised to cement its reputation as a leading investor in industrial technology. By adding a company with a “strong brand” and “renowned R&D capabilities,” KPS may attract further capital and talent to its portfolio, thereby reinforcing its competitive edge in the industrial‑manufacturing arena.
In sum, the CRI‑Novacel/KPS deal is not merely a transaction; it is a strategic realignment that promises to sharpen CRI’s focus, unlock value for its shareholders, and place Novacel on a growth trajectory backed by KPS’s operational acumen and capital resources.
