07 October 2024 - 18:05
Publication of inside information in accordance with Art. 17 (1) of the Market Abuse Regulation (EU) 596/2014

Munich, 07 October 2024 Blue Cap AG (“Blue Cap”) today signed an agreement on the sale of its 100% stake in Neschen Coating GmbH (“Neschen”). The buyer is ATP adhesive systems AG (“ATP”), a strategic investor.

The total proceeds (before taxes) are in the double-digit million range and around EUR 3 million / 10% above the net asset value valuation as of June 30, 2024. The sale of the company corresponds to an annual return on invested capital (internal rate of return) of around 44% and means a multiple on the capital invested of around 8x.

Neschen, which has been part of Blue Cap since 2016, is an international manufacturer of self-adhesive products and coated media that are used in industrial applications, graphic media and book protection, among others.

Taking into account the transaction and the current business development, Blue Cap adjusts its guidance for the full year 2024. Weaker revenue development in some segments is faced by a better than expected result guidance, in particular for con-pearl. For the continuing operations reduced by Neschen, the Management Board now expects consolidated revenue for the full year 2024 in a range of EUR 200-220 million (previously EUR 270-290 million) and an adjusted(1) EBITDA margin of 9.5-10.5% (previously 8.5-9.5%).


(1) Adjustments: Adjusted for extraordinary, out-of-period and other effects from reorganization measures and one-off effects