Private equity firms The Carlyle Group and Oranje-Nassau Groep, a Dutch subsidiary of French buy-out house Wendel Investissement, have acquired Stahl Holdings, a manufacturer of specialist chemicals for leather finishing, for €520m ($666m).

Holding company Investcorp, the seller, funded a €375m buy-out of the company in 2001, when it spun out of chemicals group Avecia. JP Morgan funded part of the €240m debt used to back Investcorp on the deal.