Leading global supplier of liquid and powder coatings, Axalta Coating Systems has entered into definitive agreements to acquire U-POL Holdings from Graphite Capital Management and other holders for £428 million (approximately $590 million) subject to certain adjustments outlined in the Sale and Purchase Agreements for the transaction.
The transaction is expected to close in the second half of 2021, subject to clearance under applicable antitrust laws and other customary closing requirements.
Axalta will accelerate the growth of U-POL's products by expanding market access through its existing sales and distribution channels while leveraging U-POL's distribution channels to extend the reach of its Refinish Coatings portfolio to new customers.
U-POL is a leading manufacturer of repair and refinish products used primarily for automotive refinish and aftermarket protective applications. The business produces a wide range of high-quality automotive refinishing products and accessories, including fillers, coatings, aerosols, adhesives, paint-related products, and other automotive aftermarket protective coatings. U-POL sells its products in over 100 countries and is widely known for its leading brands, including Raptor, Dolphin, and Gold, among others.
Robert Bryant, CEO, Axalta, said, 'U-POL's expertise in refinish accessories and protective coatings are highly complementary to Axalta's business and expands our addressable market into the important and growing mainstream and economy-based refinish segment as well as the consumer do-it-yourself (DIY) aftermarket. We also see opportunities for U-POL's technology in whitespace applications for other areas of our business, including Mobility and Industrial Coatings.'