PARIS – French industrial group Compagnie Chargeurs Invest said on Monday it has entered into exclusive negotiations to sell a majority stake in its protective films unit Novacel to U.S. investment firm KPS Capital Partners.
Chargeurs intends to retain a 25% minority stake in Novacel and would use the cash proceeds from the all-cash deal to significantly reduce its debt, accelerate the development of its other businesses, and potentially pay an exceptional dividend to shareholders.
The companies have signed an exclusivity agreement, but no binding deal has been reached. The transaction, if finalized following due diligence and final agreements, could be completed in the first half of 2026, according to a statement.
“This marks an important milestone in the process of divesting Novacel, which we intend to continue supporting as a shareholder alongside KPS,” said Michaël Fribourg, Chairman and CEO of Chargeurs.
He cautioned that neither party is yet committed to completing the transaction. Should an agreement be reached, it would align with the group’s “long-term investor-operator strategy,” providing significant financial flexibility for future investments, Fribourg added.
Chargeurs launched the sale process after receiving several expressions of interest for Novacel, which it has built into a “highly profitable global leader.” The deal would also be submitted for consultation with employee representatives and require regulatory approvals.