März 29, 2022

Industry Insight CASPI

„The market for CASPI (Coatings, Adhesives & Sealants, Specialty Polymers, Inks) has grown well and we see that the leading players are driving the consolidation forward. In terms of public valuation multiples, we witnessed an increase caused by the covid-19 pandemic which we expect to decrease again in the months to come.“



Wolfgang Regele
Managing Partner


Market Overview

Global Market CASPI

Global Market Development
2021-2027 in USD b


Market Shares – Coatings & Paints
Europe based on revenue 2020


  • The global market in the CASPI sector follows a growth trend of 5.3% CAGR. However, when looking onto the detailed figures, the growth pattern seems to be decreasing compared to previous analyses
  • Within Europe, the Coatings & Paints market is very much consolidated with the top 10 players amassing almost 70% of the total market – given the latest transactions, we expect this consolidation trend to move further and speed up within still fragmented European markets

Sources: Globesnewswire (2022), Fortunebusinessinsihgt (2021), Industry Arc (2021), Expertmarketresearch (2020), Statista (2021)

M&A Activity

CASPI Sector
Number of Deals and Median EBITDA Multiple 2012-2021

  • Deal flow in the CASPI sector fluctuated strongly in the past 10 years
  • The analyzed deals report a median EV of EUR 182m
  • For smaller EV additional liquidity markdowns are to be taken into account
  • Among the recorded deals we see that a great share of international large players drive the global consolidation wave

*Note: Deal flow and valuations focused on the CASPI sector – only deals that recorded EBITDA Multiples are included Source; Merger Market (2012;2022)

Recent Trends

Covid 19 impacted the industry across many different perspectives. From rising costs to shutdowns and covid cases within the production facilities to new opportunities for streamlining the product portfolio, M&A and finally cost optimization – Many companies in the CASPI segment were able to turn the disadvantageous circumstances to their financial benefit.

The increased prices for raw materials sharply impacted the coatings and printing inks business resulting in a 5% drop in applications in 2021. Especially the automotive sector and construction sector, despite witnessing high demand in the latter, showed decreases in the market.

Many leading players are focusing their efforts on increasing the usage of renewable electricity sources and moving towards being classified as “zero-waste” companies. As interesting case study, AkzoNobel is leading the way with their commitment to implementing 100% renewable energy sources in their production process by 2030.

Looking at the latest transactions, we see that M&A activity in the CASPI sector has sharply increased, leading to further consolidation within important chemical markets, such as Italy.

Sources: FarbeundLack (2022), Merger Market (2022), European Coatings (2022), American Coatings Association (2022), Coatingsworld (2022)

Valuation Trends and Developments 

EV/SALES(Next 12 Months)



EV/EBITDA(Next 12 Months)

  • Multiples in the CASPI segment have been fueled due to outstanding performance of corporates in the sector. Multiples have increased above the 2-year median of 1.9x but show a trend of slow-down in the NTM computation method.
  • EV/EBITDA displays a spike in expected valuations at the end of Q1 2020. However, multiples fluctuated less strongly, and we see a valuation range of 9-10x.

Source: Sazun Equity Research, CASPI (2022) *Note: For private companies, markdowns of 20-40% in terms of valuations need to be considered

Key Performance Indicators

Selected Latest Deals (LTM)



Want to know more?


If you would like to learn more about the valuations and deals of your industry, the transaction mentioned above, or generally our way of working, we would certainly be happy to demonstrate our m&a PLUS® principle in a confidential meeting. Of course, we also offer detailed overviews of the vending machines business, bakeries, and travel platforms, where we have strong credentials.
Just get in touch and we will share our experience on how to grow businesses with long-lasting partnerships.

With passion for M&A,
Your SAZUN Team