Mäder Group has welcomed new minority shareholder Whitestone Group, BNP Paribas Développement has reinvested

June 2026 — Mäder Group, a specialist in high value-added paints and composites solutions, has renewed its shareholding structure through an investment by Whitestone Group, a listed Belgian investment holding company, while BNP Paribas Développement has reinvested. The founding family will continue to lead the group through its current chairman and CEO, Julien Molina. Bpifrance and Naxicap Partners, long-standing partners of the Mäder Group since 2010, have fully exited their investments. The new capital structure is designed to enable Mäder Group to continue executing its growth strategy through both organic expansion and strategic acquisitions.

Founded in 1993 by the Molina family and headquartered in Villeneuve-d’Ascq, in the Hauts-de-France region, Mäder Group develops, manufactures and markets high value-added paints, coatings, resins and composite solutions for demanding industrial sectors. These include mobility-related industries such as rail, automotive and industrial piping, as well as other markets, including packaging. The group employs approximately 650 people and generates annual revenue of more than US$180 million. It operates seven manufacturing sites across France, Germany, Switzerland and India, supported by a distribution network serving nearly 70 countries worldwide. Recognized for its strong commitment to innovation, particularly in the development of environmentally responsible chemical solutions, Mäder Group has been awarded the EcoVadis Gold Medal for its sustainability performance.

Whitestone Group is a professional investor focused primarily on supporting small and medium-sized enterprises (SMEs) and mid-cap companies in Belgium and neighboring regions, including Luxembourg and Hauts-de-France, helping them grow profitably and responsibly. Its ambition is to become one of Belgium’s leading listed family holding companies, recognized for its financial discipline and impact, supported by stable, long-term shareholders. Its activities are organized around three pillars: private equity, representing 80% of the portfolio; listed companies in special situations, representing 10%; and third-party asset management and co-investments, representing 10%. The private equity and listed companies pillars comprise approximately 15 majority and minority investments across three platforms: specific materials and industry; transitions, including energy, environmental, agri-food and medical; and technologies. Belgian wealth management company Multifin S.A. is the reference shareholder, with a 40% stake. Whitestone Group is listed on Euronext Growth Brussels under the ticker ROCK and has a pro forma net asset value of approximately US$208 million.
 
BNP Paribas Développement, a wholly owned subsidiary of international banking group BNP Paribas, is a public limited company that has invested its own equity capital directly as a minority shareholder for more than 35 years. It supports the development of high-performing SMEs and mid-sized companies and helps ensure their long-term sustainability by facilitating ownership transitions. In addition to providing financial resources to secure stable funding, BNP Paribas Développement supports management teams over the long term in delivering their medium-term strategic projects. Its minority investment approach enables its partners to benefit from appropriate governance without interference in day-to-day management, while drawing on the strength of an established group and the experience gained from a portfolio of more than 600 diversified investments.

Naxicap Partners is a leading private equity investment company in France, with approximately US$9.5 billion in assets under management as of 31 March 2026. The firm operates six offices across France, Germany and Switzerland and employs more than 100 people.
 
Bpifrance, the French Public Investment Bank, supports businesses at every stage of their development, from start-up through to stock market listing, providing financing solutions ranging from loans to equity investments. It offers long-term support to help companies strengthen their growth and competitiveness. With more than 50 regional offices across France, its teams operate at the heart of local economies, providing close, on-the-ground support throughout the country.

Our role in the transaction

Oaklins’ team in France advised Mäder Group and its shareholders on the investment by Whitestone Group alongside the founding family and BNP Paribas Développement. The team conducted a competitive process involving minority private equity investors to identify a financial partner that shared the Molina family’s vision and values while offering attractive exit terms to the outgoing shareholders, Naxicap Partners and Bpifrance. The transaction further strengthens Oaklins’ expertise in the coatings sector and demonstrates its ability to attract the most relevant financial partners for each specific situation.