Blue Cap AG Divests Neschen Coating GmbH, Updates 2024 Financial Outlook

On October 7, 2024, Blue Cap AG announced the sale of its subsidiary, Neschen Coating GmbH, to ATP adhesive systems AG. The transaction is valued in the double-digit million range, representing a 10% increase over the net asset value as of June 30, 2024. This divestment reflects an impressive 44% annual return on invested capital and an 8x multiple on the capital invested. Neschen has been under Blue Cap's ownership since 2016, specializing in self-adhesive products and coated media for industrial and graphic applications.

As a result of this transaction and current business conditions, Blue Cap has revised its financial guidance for 2024. While revenue in some segments is weaker, the outlook for certain sectors, notably con-pearl, is more favorable than expected. The updated forecast anticipates consolidated revenue of EUR 200-220 million, down from the previous EUR 270-290 million, with an adjusted EBITDA margin now expected at 9.5-10.5%.