US Axalta completes acquisition of U-POL for $590m

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