M&A Deal Summary

Axalta Acquires U-POL

On July 7, 2021, Axalta acquired chemicals company U-POL from Dunedin and Graphite Capital for 590M USD

Acquisition Highlights
  • This is Axalta’s 11th transaction in the Chemicals sector.
  • This is Axalta’s largest (disclosed) transaction.
  • This is Axalta’s 3rd transaction in the United Kingdom.

M&A Deal Summary

Date 2021-07-07
Target U-POL
Sector Chemicals
Buyer(s) Axalta
Sellers(s) Dunedin
Graphite Capital
Deal Type Add-on Acquisition
Deal Value 590M USD

Target

U-POL

London, United Kingdom
website
U-POL is a manufactures and markets refinish products (primarily body fillers, coatings and aerosols), for the global automotive aftermarket. U-POL was founded in 1949 and is based in London, United Kingdom.

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Buyer(S) 1

Buyer

Axalta

Glen Mills, Pennsylvania, United States

website


Category Company
Founded 1866
Sector Chemicals
Employees12,000
Revenue 4.4B USD (2021)
DESCRIPTION
Axalta's corporate headquarters in downtown Philadelphia.
Axalta's corporate headquarters in downtown Philadelphia.

Axalta is a global manufacturer, marketer and distributor of advanced coating systems primarily for the transportation industry. The company comprises four segments: refinish, OEM, industrial liquid and powder. Axalta operates manufacturing sites on six continents, serving customers in 120 countries directly and through 4,000 distributors. Axalta Coating Systems was incorporated in 1866 and is based in Glen Mills, Pennsylvania.


DEAL STATS #
Overall 13 of 13
Sector (Chemicals) 11 of 11
Type (Add-on Acquisition) 10 of 10
Country (United Kingdom) 3 of 3
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-16 Capital Paints

Ras Al Khaimah, United Arab Emirates

Capital Paints LLC is one of the largest paint manufacturers in the UAE. Capital Paints LLC are specialized in Powder Coatings and fully equipped with the latest machinery and instruments.

Buy -

Seller(S) 2

SELLER

Dunedin

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 400M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Dunedin is a middle-market private equity firm focused on investments in the UK. Dunedin looks to invest in businesses with proven management, strong market positions/brands, positive cash-flow, significant barriers to entry, and strong opportunities for growth. Dunedin seeks businesses valued from £20 to £100 million. Targeted sectors include construction, building materials, consumer products/services, financial services, healthcare, leisure, specialist manufacturing, and support services. Dunedin was formed in 1996 and is based in Edinburgh with an additional office in London.


DEAL STATS #
Overall 32 of 32
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 11 of 11
Country (United Kingdom) 31 of 31
Year (2021) 2 of 2
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-08 Formaplex

Havant, United Kingdom

Formaplex is a dynamic manufacturing company that utilizes innovative processes with 'state of the art'​ manufacturing techniques to deliver cost-effective, superior tooling and component solutions for the plastics and composites industry. The company support high-profile customers across a variety of sectors, including automotive, aerospace, defense, motorsport, and commercial industry. It provides a fully integrated service capability including manufacturing of tooling and supply of injection-molded plastic components and composite parts to meet our customer’s delivery schedules. Component parts are supplied as individual items, complete assemblies, and where required, finished and painted. Formaplex was formed in 2001 and is based in Havant, United Kingdom.

Sell -
SELLER

Graphite Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 1.2B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Graphite Capital is a private equity firm that seeks mid-market investments in the UK. Target sectors include retail and consumer, manufacturing, services and distribution, financial services, healthcare, leisure, and property. The Firm looks for transactions valued from £30 to £150 million. Prospective transaction situations typically include management buyouts/buy-ins of corporate spin-offs or privately held companies. The Firm also considers roll-outs and consolidation strategies. Graphite Capital was originally formed in 1981 and became independent in 2001. Graphite is based in London.


DEAL STATS #
Overall 64 of 66
Sector (Chemicals) 3 of 3
Type (Add-on Acquisition) 13 of 15
Country (United Kingdom) 61 of 63
Year (2021) 2 of 2
Size (of disclosed) 1 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 Wonderbly

London, United Kingdom

Wonderbly is a publishing platform for personalized children’s books. The company is also developing innovative personalized products for third-party clients. As a digital, direct-to-consumer publisher, Wonderbly sells its books in more than 150 countries, with international sales accounting for over 85 percent of its revenues. Wonderbly was formed in 2012 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-15 Opus Talent Solutions

Bristol, United Kingdom

Opus Talent Solutions is a global recruitment business specializing in the technology and renewable energy markets. Opus Talent Solutions is based in Bristol , United Kingdom.

Buy -