HOUSTON (ICIS)--Axalta Coating Systems has completed its acquisition of UK-based U-POL Holdings Limited from Graphite Capital Management LLP and other holders for about $590m, the US coatings company announced on Wednesday.
The deal, announced in July, adds to Axalta’s global refinish coatings portfolio.
"The addition of U-POL's team, industry expertise, and operations strengthen our capabilities and provide a strong platform for future growth,” Axalta CEO Robert Bryant said.
U-POL is described as a manufacturer of repair and refinish products used primarily for automotive refinish and aftermarket protective applications.
Its products - fillers, coatings, aerosols, adhesives, and paint related products - are sold in more than 100 countries.
The company has a manufacturing plant and R&D lab in Wellingborough, Northamptonshire, England.
Its fiscal 2021 net sales are expected at about $145m, with adjusted earnings before interest, tax, depreciation and amortisation of $38m.
Axalta anticipates accelerated growth of U-POL's products through expanded market access through Axalta's existing sales and distribution channels.
Additional reporting by Stefan Baumgarten