Carlsquare advised Blue Cap, a listed investment company, on the 100% sale of Neschen to ATP
Carlsquare advised Blue Cap AG (“Blue Cap”), a listed investment company, on the 100% sale of Neschen Coating GmbH (“Neschen”) to ATP adhesive systems AG (“ATP”). The sale reflects Blue Cap’s successful investment approach, acquiring Neschen out of troubled circumstances, executing a turnaround strategy, and transitioning the company to new ownership for continued profitable growth.
Blue Cap AG is a Munich-based investment company founded in 2006 and listed on the capital market. Blue Cap acquires medium-sized companies from the B2B sector in special situations and supports them in their entrepreneurial development with the aim of selling them profitably at a later date. The acquired companies are headquartered in the DACH region, generate sales of between EUR 20 and 200 million and have a sustainably stable core business.
Neschen is a leading international company for modern self-adhesive products and high-quality coated media for a wide range of applications in book protection and repair, graphic media and industrial coatings. Blue Cap acquired the Lower Saxony-based firm from insolvency in 2016. Thanks to various initiatives, Neschen returned to a profitable growth path in 2023.
ATP has been a pioneer in the development of high-performance, solvent-free adhesive tapes for over 30 years. With production sites in Germany, USA and the UK, and headquarters in Switzerland, ATP serves a broad range of industries, providing tailor-made adhesive solutions that meet the highest standards of sustainability and quality. ATP is a portfolio company of the US-based investor Arsenal Capital Partners.
By acquiring Neschen, ATP significantly increases its manufacturing capacity, facilitates a strategic diversification by tapping into new markets and broadening its product offerings and fortifies its supply chain strategy. Moreover, since both companies are dedicated to producing eco-friendly, solvent-free adhesives and products, the transaction reinforces ATP’s position as a market leader in environmentally responsible adhesive technologies, aligning with the increasing demand for sustainable products across industries such as automotive, construction, and medical.
“I am very pleased that we are able to sell Neschen to a suitable strategic investor in a challenging economic environment. Our thanks to the Carlsquare team for drawing on their deep M&A experience to help us arrive at this outcome.” – Dr. Henning von Kottwitz, CEO, Blue Cap
“We are thrilled to welcome Neschen into the ATP family. This acquisition is not just about increasing our production capacity, but also about advancing our shared commitment to sustainability. Together, we will continue to lead the market with innovative, solvent-free solutions.” – Daniel Heini, CEO, ATP Group
Carlsquare served as the exclusive financial advisor to Blue Cap AG.
Blue Cap AG
Neschen Coating GmbH
ATP adhesive systems AG
Arsenal Capital Partners