Axalta Coating Systems, a supplier of liquid and powder coatings, has entered into definitive agreements to acquire U-POL from Graphite Capital Management and other holders for approximately $590 million, the company announced.
Founded in 1948 and based in the United Kingdom, U-POL is a manufacturer of repair and refinish products used primarily for automotive refinish and aftermarket protective applications. The business produces a range of automotive refinishing products and accessories including fillers, coatings, aerosols, adhesives and paint-related products, as well as other automotive aftermarket protective coatings. U-POL sells its products in over 100 countries and is known for brands Raptor, Dolphin and Gold, among others. Axalta will accelerate growth of U-POL’s products by expanding market access through Axalta’s existing sales and distribution channels while leveraging U-POL’s distribution channels to extend the reach of its Refinish Coatings portfolio to new customers, the company said.
“Axalta is the world leader in the premium refinish coatings segment. U-POL’s expertise in refinish accessories and protective coatings is 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,” said Robert Bryant, Axalta’s chief executive officer. “We also see opportunities for U-POL’s technology in whitespace applications for other areas of our business, including Mobility and Industrial Coatings.”
U-POL’s global organization and its manufacturing plant and R&D lab in Wellingborough, England, bring important capabilities to the company’s commercial, manufacturing and technology organizations, enhancing Axalta’s ability to serve its customers across the globe, the company said.
“The two companies’ cultures of innovation, quality, and strong operating principles are exceptionally aligned,” said Troy Weaver, Axalta’s senior vice president, Global Refinish Coatings. “We look forward to serving customers with these additional capabilities and to welcoming U-POL’s dedicated team members to the Axalta family.”