Axalta Coating Systems has entered into “definitive agreements” to acquire U-Pol Holdings Limited from Graphite Capital Management LLP and other holders for around €500 million.
The transaction is expected to close later this year, subject to clearance under applicable antitrust laws and other customary closing requirements.
UK-based 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, and paint related products as well as other automotive aftermarket protective coatings.
It is widely known for its leading brands, including Raptor, Dolphin, and Gold, among others.
Axalta says it 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.
Axalta CEO, Robert Bryant says: “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 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.”