Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Acquisition Playbook.

Three patterns run through Axalta Coating Systems's acquisitions — what it looks for, how it pays, and how it folds in what it buys.

01
Acquisition criteria
Serial small-to-mid bolt-ons rather than transformational M&A: most targets are ...
Serial small-to-mid bolt-ons rather than transformational M&A: most targets are undisclosed in value, folded into the Performance Coatings segment, and aggregated by year in SEC filings.
DuWest Performance CoatingsChemSpec USAHigh Performance CoatingsUnited Paint automotive interior coatings divisionDura Coat Products
02
Capital deployment
Dual focus on consolidating the fragmented Refinish channel (DuWest, ChemSpec, H...
Dual focus on consolidating the fragmented Refinish channel (DuWest, ChemSpec, High Performance Coatings, U-POL) and building out Industrial coatings breadth (Dura Coat, Ellis Paint, Century, Valspar wood, Spencer, Plascoat).
DuWest Performance CoatingsChemSpec USAHigh Performance CoatingsUnited Paint automotive interior coatings divisionDura Coat Products
03
Integration approach
Geographic and product-tier expansion—adding mainstream/economy and DIY refinish...
Geographic and product-tier expansion—adding mainstream/economy and DIY refinish tiers and extending into EMEA, Asia Pacific and Latin America—using its global sales and distribution channels to accelerate acquired brands.
DuWest Performance CoatingsChemSpec USAHigh Performance CoatingsUnited Paint automotive interior coatings divisionDura Coat Products

The Full Deal Book

11 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.

01 DuWest Performance Coatings Not disclosed
Disclosed in 8-K

Leading manufacturer and distributor of refinish and architectural coating products in Central America; extended Axalta's Refinish reach in Latin America.

02 ChemSpec USA Not disclosed
Disclosed in 8-K

Ohio-based refinish manufacturer focused on the mainstream and economy market segments, broadening Axalta's North American Refinish portfolio.

03 High Performance Coatings Not disclosed
Disclosed in 8-K

Producer of refinish coatings in Malaysia and Indonesia, expanding Axalta's Refinish presence in Asia Pacific.

04 United Paint automotive interior coatings division Not disclosed
Disclosed in 8-K

Automotive interior coatings business with a strong position among North American OEMs, strengthening Axalta's Light Vehicle (Transportation) segment.

05 Dura Coat Products Not disclosed
Disclosed in 8-K

Leading independent supplier of coil coatings, adding to Axalta's Industrial coatings platform in North America.

06 Ellis Paint Company Not disclosed
Disclosed in 8-K

Leading independent supplier of industrial paint in North America, expanding Axalta's Industrial coatings offering.

07 Century Industrial Coatings Not disclosed
Disclosed in 8-K

Leading supplier of custom industrial coatings in North America, bolstering Axalta's Industrial segment.

08 Valspar North American Industrial Wood Coatings business Not disclosed
Disclosed in 8-K

Carve-out of Valspar's North American industrial wood coatings business, giving Axalta a leading position in industrial wood coatings; financed with an upsized USD term loan.

Closed on three acquisitions including the North American Industrial Wood Coatings business from Valspar and Spencer Coatings Group in the U.K.
09 Spencer Coatings Group Not disclosed
Disclosed in 8-K

U.K.-based leading supplier of industrial liquid coatings for drums/towers, ACE, pipelines, flooring and architectural applications; expanded Axalta's Industrial coatings in EMEA.

Closed on three acquisitions including the North American Industrial Wood Coatings business from Valspar and Spencer Coatings Group in the U.K.
10 Plascoat Systems Limited Not disclosed
Disclosed in 8-K

U.K.-based leading supplier of thermoplastic coatings, adding specialty capability to Axalta's Industrial segment in EMEA.

Acquired Plascoat Systems Limited (U.K.)
11 U-POL Holdings Limited $428M
Announced Sep 2021 Closed Sep 2021

Acquired the U.K.-based manufacturer of automotive aftermarket paint, protective coatings and accessories (Raptor, Dolphin brands) to strengthen Axalta's global Refinish leadership and expand into mainstream/economy and DIY segments; funded from cash on hand. £428 million (approximately $590 million).

Axalta Coating Systems (NYSE: AXTA) ... today announced that it has entered into definitive agreements to acquire U-POL Holdings Limited (“U-POL”) from Graphite Capital Management LLP and other holders for £428 million (approximately $590 million).

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