Axalta Coating Systems to Acquire US-based Coatings Manufacturing Firm

Business Deal Axalta Coating Systems to Acquire US-based Coatings Manufacturing Firm

2024-05-15 Source: Press release Axalta Coating Systems 1 min Reading Time

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Axalta Coating Systems has plans to acquire The Coverflexx Group from Transtar Holding Company. Under the terms of the agreement, the firm will be purchased by Axalta Coating Systems for an initial cash consideration of 285 million dollars, plus an additional 10-million-dollar earnout based on the business’s 2024 performance.

Closing is expected to occur in the third quarter and is subject to regulatory approval and other customary closing conditions.(Source: Pixabay) — Closing is expected to occur in the third quarter and is subject to regulatory approval and other customary closing conditions.
(Source: Pixabay)

Philadelphia/USA – Axalta Coating Systems has entered into a definitive agreement to acquire The Coverflexx Group from Transtar Holding Company for initial cash consideration of 285 million dollars, plus an additional 10-million-dollar earnout based on the business’s 2024 performance. Closing is expected to occur in the third quarter and is subject to regulatory approval and other customary closing conditions.

The Coverflexx Group manufactures and sells coatings for automotive refinish and aftermarket applications, focused on economy customers in North America. The business offers a wide range of primers, basecoats and clearcoats, as well as aerosols, fillers, bedliners, detailing products and paint shop accessories. The Coverflexx Group had revenue of 78 million dollars in 2023 with operations that include more than 120 employees and manufacturing and product development sites in Brighton, Michigan and Milton, Ontario.

“This acquisition aligns with our ongoing investment in Axalta’s Refinish business. We believe The Coverflexx Group’s value-based solutions are an excellent complement to Axalta’s portfolio of offerings,” said Chris Villavarayan, Axalta’s Chief Executive Officer and President.

Troy Weaver, Axalta’s President, Global Refinish, added, “We are excited to have The Coverflexx Group join the Axalta family. We expect the additional brands and capabilities will provide significant value to our customers and will further support the growth of our Refinish business.”

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