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14. Jul 2021 | Markets & Companies

Axalta to acquire U Pol

Axalta is about to acquire U-Pol, paint, protective coatings, and accessories manufacturer for the automotive aftermarket
The transaction is expected to close in the second half of 2021.
Image source: Geralt - Pixabay (symbol image).

Axalta Coating Systems has entered into definitive agreements to acquire U-Pol Holdings Limited from Graphite Capital Management and other holders for GBP 428 million (approximately EUR 500 million) subject to certain adjustments set forth in the Sale and Purchase Agreements for the transaction.

Automotive refinish

Founded in 1948 and based in the United Kingdom, 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 products and accessories including fillers, coatings, aerosols, adhesives, and paint related products as well as other automotive aftermarket protective coatings.

U-Pol expects net sales of approximately USD 145 million (EUR 123 million) and adjusted EBITDA of approximately USD 38 million (EUR 32 million) for fiscal year 2021. Axalta expects the acquisition to be immediately accretive to adjusted EBITDA margin, excluding transaction-related costs associated with the acquisition. Axalta plans to finance the transaction from cash on hand.

The transaction is expected to close in the second half of 2021, subject to clearance under applicable antitrust laws and other customary closing requirements.

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