What investment strategy does Wendel focus on?

Wendel focuses on Buyout strategies in the private equity space.

How many portfolio companies does Wendel have?

Wendel has 16 active portfolio companies and 13 completed exits and 2 funds tracked on GP Intel.

Where is Wendel headquartered?

Wendel is headquartered in Paris, France.

What is Wendel's assets under management?

Wendel manages approximately €40.8B in assets under management.

What are Wendel's recent exits?

Recent realized exits by Wendel include: IHS Towers (2026) to MTN Group, 0.7x; Stahl (2026) to Henkel, 6.6x; Constantia Flexibles (2024) to One Rock Capital Partners, 2.0x; Cromology (2022) to DuluxGroup, 1.6x; Materis (2022) to DuluxGroup; Allied Universal (2019) to CDPQ, Warburg Pincus, J. Safra Group, 2.5x; CSP Technologies (2018) to AptarGroup; Mecatherm (2018) to Unigrains.

Home/GPs/Wendel

DetailCard

Wendel

Paris, France·Founded 2002·

Buyout

·wendelgroup.com

Wendel is a French listed investment firm tracing its origins to the Wendel family iron-making heritage founded in 1704. Structured as Wendel SE since 2002 (Euronext Paris), it operates two complementary businesses: Principal Investments (selective majority and significant minority stakes across European and US companies in industrials, business services, healthcare and consumer education, deployed from its own balance sheet) and Private Asset Management (third-party institutional capital deployed through majority stakes in IK Partners and Monroe Capital).

AUM

€40.8B

Funds

vintages 1995–2023

Portfolio

Exits

Wendel is a Paris buyout firm with €40.8B AUM, 16 active companies and 13 exits.

SectorsIndustrials Business Services TMT Healthcare Consumer Financials

Key takeaways

·5 exits in the last 5 years · consistent DPI cadence.
·Average hold across 13 realized deals: 11 years.
·Best return: 35.0x MOIC on Stallergenes (2010).
·Top sector focus: Industrials (31% of portfolio).

Sector breakdown

29 companies

Industrials

9 · 31%

Business Services

6 · 21%

Financials

3 · 10%

Cybersecurity

2 · 7%

Construction

2 · 7%

Biotech

1 · 3%

HR Tech

1 · 3%

Consumer

1 · 3%

Geography breakdown

6 geographies

France

19 · 66%

6 · 21%

Luxembourg

1 · 3%

Austria

1 · 3%

Netherlands

1 · 3%

Key facts

HQParis, France

Founded2002

Websitewendelgroup.com

Recent exits

Wendel sold IHS Towers to MTN Group in 2026 after 13 years.

0.7x

Wendel sold Stahl to Henkel in 2026 after 20 years.

6.6x

Wendel sold Constantia Flexibles to One Rock Capital Partners in 2024 after 9 years.

2.0x

Wendel sold Cromology to DuluxGroup in 2022 after 16 years.

1.6x

Coverage notes

2 funds tracked, 29 portfolio companies (16 active · 13 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Wendel has raised, with its portfolio companies. Hand-checked from public filings.

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Wendel Growth

Growth2023€50M5 assets

Growth

2023 · 3yr

€50M

–

Unrealized

5 held

Company	Entry
Aqemia Biotech · France	2023
Brigad HR Tech · France	2023
Muno Industrials · France	2026
TaDaweb Cybersecurity · Luxembourg	2023
YesWeHack Cybersecurity · France	2024

Wendel SE

Buyout1995€5.5B11 assets13 exits

Buyout

1995 · 31yr

€5.5B

Unrealized

11 held

Company	Entry
Acams Business Services · US	2022
Bureau Veritas Business Services · France	1995
Committed Advisors Financials · France	2026
Crisis Prevention Institute Business Services · US	2020
Globeducate Education · UK	2024
IK Partners Financials · France	2023
Iron Wave France	2026
Monroe Capital Financials · US	2025
Scalian Business Services · France	2023
Tarkett Construction · France	2021
Titanobel Industrials · France	2012

Realized

13 exits

Company	Entry	Exit	Type	Buyer	MOIC
Allied Universal Business Services · US	2008	2019	Trade Sale	CDPQ, Warburg Pincus, J. Safra Group	2.5x
Constantia Flexibles Industrials · Austria	2015	2024	Trade Sale	One Rock Capital Partners	2.0x
Cromology Industrials · France	2006	2022	Trade Sale	DuluxGroup	1.6x
CSP Technologies Industrials · US	2015	2018	Trade Sale	AptarGroup	–
Deutsch Group Industrials · France	2006	2012	Trade Sale	TE Connectivity	2.5x
Editis Consumer · France	2004	2008	Trade Sale	Planeta Group	2.7x
IHS Towers Telecom · US	2013	2026	Trade Sale	MTN Group	0.7x
Legrand Industrials · France	2003	2014	IPO	Public market	3.9x
Materis Construction · France	2006	2022	Trade Sale	DuluxGroup	–
Mecatherm Industrials · France	2011	2018	Secondary	Unigrains	–
Parcours Business Services · France	2011	2015	Trade Sale	ALD Automotive	2.2x
Stahl Industrials · Netherlands	2006	2026	Trade Sale	Henkel	6.6x
Stallergenes Healthcare · France	1993	2010	Trade Sale	Ares Life Sciences	35.0x

About Wendel

Wendel is a French listed investment firm with €40.8 billion of assets under management as of December 2024 (pro forma the announced acquisition of Monroe Capital), headquartered in Paris and listed on Euronext Paris. The firm traces its origins to the Wendel family iron-making heritage founded in 1704 in Lorraine, structured as Wendel SE since 2002 when it adopted its current listed corporate form. Wendel operates two complementary businesses: Principal Investments (€5.5 billion balance sheet) and Private Asset Management (€49.5 billion third-party AuM).

Investment thesis

Principal Investments deploys balance-sheet capital into selective majority and significant minority stakes in unlisted European and US companies across industrials, business services, healthcare and consumer education, with permanent capital holding periods unconstrained by fund duration. Private Asset Management, structured around majority ownership of IK Partners (€13.8 billion AuM in European mid-market private equity) and Monroe Capital (€19.4 billion AuM in US private credit, closing Q1 2025), generates fee-related earnings from third-party institutional capital deployed alongside Wendel's strategic platform.

Recent activity

Wendel acquired Globeducate (international K-12 schools, 50%) in October 2024 and announced the acquisition of approximately 75% of Monroe Capital in October 2024 (closing Q1 2025). Recent divestments include Stahl (specialty chemicals, 2026 agreement), Constantia Flexibles (packaging, 2024) and a partial reduction of the Bureau Veritas stake (April 2024). Historical track record spans Allied Universal (security services, 2019), Legrand (electrical equipment, 2014), Deutsch Group (industrials, 2012) and Editis (publishing, 2008).

Frequently asked questions

What investment strategy does Wendel focus on?: Wendel focuses on Buyout strategies in the private equity space.
How many portfolio companies does Wendel have?: Wendel has 16 active portfolio companies and 13 completed exits and 2 funds tracked on GP Intel.
Where is Wendel headquartered?: Wendel is headquartered in Paris, France.
What is Wendel's assets under management?: Wendel manages approximately €40.8B in assets under management.
When was Wendel founded?: Wendel was founded in 2002.
What sectors does Wendel invest in?: Wendel invests across Industrials, Business Services, TMT, Healthcare, Consumer, Financials.
What are Wendel's recent exits?: Recent realized exits by Wendel include: IHS Towers (2026) to MTN Group, 0.7x; Stahl (2026) to Henkel, 6.6x; Constantia Flexibles (2024) to One Rock Capital Partners, 2.0x; Cromology (2022) to DuluxGroup, 1.6x; Materis (2022) to DuluxGroup; Allied Universal (2019) to CDPQ, Warburg Pincus, J. Safra Group, 2.5x; CSP Technologies (2018) to AptarGroup; Mecatherm (2018) to Unigrains.