Philadelphia, Pennsylvania — Axalta Coatings has acquired U-POL Holdings Limited from Graphite Capital Management LLP for £428 million (CND$ 739.3 million).
Axalta plans to employ its already existing sales and distribution channels to grow U-POL’s product line and reach more customers.
Robert Bryant, Axalta’s chief executive officer, says that by acquiring U-POL there are a lot of doors that can be opened and mutually beneficial opportunities in the future.
“Axalta is the world leader in the premium refinish coatings segment,” said Bryant. “U-POL’s expertise in refinishes 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. We also see opportunities for U-POL’s technology in whitespace applications for other areas of our business, including Mobility and Industrial Coatings.”
Axalta’s Senior Vice President, Global Refinish Coatings, Troy Weaver, says they are looking forward to working with U-POL.
“The two companies’ cultures of innovation, quality and strong operating principles are exceptionally aligned,” said Weaver. “We look forward to serving customers with these additional capabilities and to welcoming U-POL’s dedicated team members to the Axalta family.”