Kap

What Kap does

KAP AG is a publicly listed German industrial holding company headquartered in Fulda, operating 18-19 production locations across 10 countries with approximately 1,550-1,600 employees. The company runs three specialized segments: flexible films (fabric-reinforced pool liners and 3D films via subsidiary CaPlast), engineered products (technical textiles and threads via MEHLER), and surface technologies (electrolytic metal coatings, anodizing, zinc/nickel coatings, and the Heiche Group subsidiaries). It serves B2B industrial customers primarily in automotive supply chains, pool/construction, and industrial textiles, with a stated positioning as market leader in surface solutions for metallic materials.

The company's revenue model is hardware sales of physical industrial components and coating services to enterprise customers through direct B2B sales. FY2025 revenue of €241.4 million (down 4.4% year-on-year) split across flexible films (€85.4M), engineered products (€99.2M), and surface technologies (€56.0M). Technology assets include proprietary coating processes such as the Conductance Washing Process for fuel cell iCAC components and the AdaProQ AI-supported data integration system for automotive coating lines, alongside specialty products like the BasaTexx FP fireproof basalt fabric. The company is controlled by The Carlyle Group (45.5% ownership) with FM-Verwaltungsgesellschaft mbH holding 25.7%, and trades on the Frankfurt Stock Exchange under ticker IUR.

KAP executes a portfolio strategy of acquiring and developing upper mid-size industrial businesses in high-margin niches while preserving subsidiary operational autonomy. Recent activity has been predominantly defensive: closing the Leisnig surface technologies plant (end 2025), the Hessisch Lichtenau engineered products site (by June 2027), the US Martinsville site (relocated to Bangalore, India), and the 2024 divestiture of the precision components segment. The company secured a €96 million syndicated loan refinancing in April 2026 at EURIBOR + 4.5%, reflecting a tight financing environment. Founder-style decentralized management has been overshadowed by Carlyle's controlling stake and a 2026 leadership transition in which sole Management Board member Ralph Rumberg (CEO, CRO) took over from Marten Julius.

Name

Kap

Legal name

KAP AG

Website

https://kap.de

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

KAP AG is a publicly listed German industrial holding company operating three segments — flexible films (pool liners), engineered products (technical textiles), and surface technologies (metal coatings, including fuel cell components) — serving automotive, industrial, and pool/construction B2B customers across 18-19 sites in 10 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Fulda

HQ country

Germany

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Flexible Films: Manufacture and sale of fabric-reinforced pool liners and 3D films for pool and industrial applications. Revenue from product sales to B2B customers. FY 2025 revenue: €85.4 million.
2. Engineered Products: Development, production and distribution of technical fabrics and threads with chemical and physical finishing. FY 2025 revenue: €99.2 million.
3. Surface Technologies: Surface coating solutions for metallic materials including electrolytic metal coatings (EMC) and light metal coating specialists (LCS). Services include passivation, anodizing, galvanizing, zinc/nickel coatings for automotive suppliers. FY 2025 revenue: €56.0 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

KAP AG is a publicly listed industrial holding company that develops, produces, and distributes industrial products through three specialized segments: flexible films (fabric-reinforced pool liners and 3D films via CaPlast), engineered products (technical textiles, threads and specialty fabrics via MEHLER), and surface technologies (electrolytic metal coatings, anodizing, passivation, galvanizing, and fuel cell conductance washing via the Heiche Group). The company combines central investment management with operational autonomy for its mid-sized subsidiaries, serving enterprise B2B customers across the automotive, pool/construction, and industrial sectors.

Product overview

KAP AG is a listed industrial holding company focused on upper mid-size operating companies with three core business segments: flexible films, engineered products, and surface technologies. The flexible films segment (CaPlast) specializes in fabric-reinforced pool liners and innovative 3D films. The engineered products segment (MEHLER) develops, produces, and distributes technical textiles and threads with chemical and physical finishing for industrial applications. The surface technologies segment encompasses the Heiche Group companies, providing specialized surface coating solutions for metallic materials including anodizing, passivation, galvanizing, zinc-nickel coatings, and conductance washing processes for fuel cell components. The portfolio includes precision components through various subsidiaries across 18 locations in ten countries.

Differentiator

Problem solved

Functional benefit

Brands

• MEHLER: Engineered products segment - technical textiles and nonwovens
• Heiche Group
• CaPlast
• Galvanotechnische Oberflächen GmbH
• Metallveredelung Döbeln GmbH

Products and services

• Conductance Washing Process for iCAC Fuel Cell Components Multi-stage controlled flushing process for cleaning cooling systems in indirect Charge Air Coolers (iCACs) in fuel cells, including conductance reduction, passivation, drying, and 100% result check capability. Sold as a specialized cleaning service to fuel cell component manufacturers through the Heiche Schwaigern site.
• CaPlast Flexible Films CaPlast develops and produces fabric-reinforced pool liners, 3D films, and high-quality industrial films for pool manufacturers, waterproofing distributors, and industrial customers. Sold under the CaPlast brand.
• MEHLER Technical Textiles and Threads MEHLER develops, produces, and distributes worldwide technical fabrics, threads, and specialty textiles with chemical and physical finishing for safety, architecture, and industrial applications. Operates eight production locations worldwide under the MEHLER brand.
• Heiche Group Surface Coatings Heiche Group provides comprehensive surface coating solutions for metallic materials, including anodizing, passivation, galvanizing, zinc-nickel coatings, and conductivity washing processes, for automotive suppliers and industrial customers. Operates across multiple subsidiaries: Heiche Oberflächentechnik, Heiche Bayern, Heiche Polska, Galvanotechnische Oberflächen, and Metallveredlung Döbeln.
• BasaTexx FP Fireproof Fabric BasaTexx FP is a fireproof basalt rock fabric treated with fire-resistant coating, characterized by exceptional lightweight properties and high resistance, sold under the MEHLER engineered products brand for industrial safety applications.

Quantifiable outcome

• Flexible films segment normalized EBITDA margin improved to 16.0% (from 14.2%) through optimized product mix and synergies
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Grammer AGcoreStrategic or Co-development Partner · 31 December 2024Customer and joint project partner in AdaProQ (Adaptive process chains to increase production quality and efficiency) project. KAP Surface Technologies, through Metallveredlung Döbeln GmbH, acted as supplier for headrests and seat components with data communication development between producers and suppliers.
• Fraunhofer IWUsupportingTechnology or Integration · 31 December 2024Research partner in AdaProQ joint project, collaborating on AI-supported analysis development for coating process optimization.
• pep.digital GmbHsupportingTechnology or Integration · 31 December 2024Technology partner supporting setup of data warehouse and data stream adaptation for AI-supported evaluations in AdaProQ project.
• Senodis Technologies GmbHsupportingTechnology or Integration · 31 December 2024Technology partner enabling 2D barcode reading on reflective chrome surfaces for traceability at component level without additional marking.
• VDI (Verein Deutscher Ingenieure)supportingOthers · 31 December 2024Project sponsor for AdaProQ joint research project focused on adaptive process chains for production quality and efficiency.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bodycote plc: Global leader in heat treatment and specialist thermal processing services for automotive and industrial customers. Directly comparable to KAP's surface technologies offerings (surface finishing, metallurgical processes) serving overlapping automotive and industrial OEM customers.
• INDUS Holding AG: German listed industrial holding company focused on mid-sized industrial businesses in similar segments including automotive, construction, and engineered products. Most directly comparable holding company structure, B2B industrial focus, and Mittelstand acquisition philosophy.
• Freudenberg Performance Materials: Division of Freudenberg Group manufacturing technical textiles, nonwovens, and specialty fabrics for industrial applications. Closest direct competitor in KAP's engineered products segment (MEHLER) with similar chemical/physical finishing capabilities and customer base.
• Deutsche Beteiligungs AG: German listed private equity/investment company focused on mid-sized industrial Mittelstand businesses. Comparable business model with PE-backed industrial holding structure and similar acquisition philosophy targeting specialized industrial niches.
• Renolit SE: German manufacturer of high-quality plastic films and laminates for pool liners, waterproofing membranes, and industrial applications. Directly comparable to KAP's flexible films segment (CaPlast) with overlapping pool liner product portfolio and customer base.
• Aalberts Industries: Dutch-listed industrial company providing surface treatment, heat treatment, and material technology solutions. Direct overlap with KAP's surface technologies segment (galvanizing, anodizing, passivation) and similar diversified industrial end-markets.
• Mutares SE & Co. KGaA: German-listed industrial holding company acquiring and developing mid-sized industrial businesses in special situations. Comparable holding structure, Mittelstand acquisition strategy, and portfolio transformation approach, though more opportunistic acquisition model.

Emerging players

• Sioen Industries: Belgian manufacturer of technical textiles, coated fabrics, and finished technical products. Comparable to MEHLER in technical textiles segment with similar chemical finishing capabilities and industrial customer focus, though smaller scale.
• Tarkett SA: French-listed manufacturer of flooring and surface solutions including vinyl pool liners. Comparable in flexible films/pool liner market segment with CaPlast, though broader product portfolio and primarily focused on commercial/residential flooring markets.

Broad incumbents

• Atotech (MKS Instruments): Global leader in surface finishing solutions and chemistry for electronics and automotive surface treatment. Comparable to KAP's surface technologies segment with broader chemistry/process portfolio and larger scale serving automotive OEMs globally.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mehler-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kap