Rema Tip Top has pulled the plug on its sale process, according to 9fin sources.

The Germany industrials company had appointed Morgan Stanley as a sale advisor.

Private equity firms including Carlyle were looking at the German company, sources added. But Triton — which had been mentioned in the press as interested in the business — had already backed away from the process.

Rema Tip Top provides products, services and solutions to the automotive aftermarket. Its operations include material processing (such as making protective clothing and conveyor belts, as well as processing minerals) and surface protection (such as rubber cladding and coating systems).

It has a complex ownership structure, sources said, including family owners. The company merged into the Stahlgruber Group in 2008.

Rema Tip Top reported around €1.5bn of revenues in 2025, according to its website.

Rema Tip Top is the latest in a series of pulled sales processes, dampening investors’ hopes for strong new money M&A loan supply in the second half of the year.

Two other German industrial companies also rethought or cancelled their own sales process recently, 9fin reported, and are now looking at dividend recap deals.

Power transformers manufacturer SGB-SMIT pulled its sale, while heat exchange maker Kelvion is exploring a recap deal with Deutsche Bank alongside its ongoing process.

Morgan Stanley and Triton declined to comment. Rema Tip Top and Carlyle did not respond to requests for comment.

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