Milwaukee, WI (July 20, 2016) – Grace Matthews, Inc. and United Paint & Chemical Corporation (“United Paint”) announced today that United Paint has sold its global interior automotive rigid thermoplastics coatings business (the “Business”) to Axalta Coatings Systems. Grace Matthews advised United Paint on this transaction. Terms of the transaction were not disclosed.
The Business, with operations in North America and China, is a formulator and manufacturer of highly innovative coatings for automotive interior thermoplastic substrates with approvals for its products by 25 of the world’s leading vehicle manufacturers. Its coating systems enhance the durability and aesthetic qualities of components, such as instrument panels, consoles and appliques, inside many of the world’s most successful automotive programs.
The carve-out divestiture of the Business will allow United Paint to continue a 63-year legacy of reinvestment in niche coating technologies.
“By leveraging Grace Matthews’ deep coatings and chemicals transaction expertise, we were able to successfully navigate the sensitive issues of a carve-out transaction while finding the right home for the business,” said J. Geoff Piceu, CEO of United Paint. “With Axalta’s leadership position in the automotive exterior coatings market, its history of innovation, focus on customers and its global scale and reach, we are confident that it will allow the individuals, products and customers associated with this segment of our business to maximize their global potential.”
“We had a number of strong, strategic options, however the unique fit with Axalta was clear to us early on,” said Ben Scharff, Managing Director of Grace Matthews. “The products, personnel and culture of both companies aligned well, and we saw a lot of potential incremental value to be had by Axalta acquiring the business and strengthening its global footprint. It is a nice outcome for all parties; we are happy for Geoff and his team and confident that Axalta will do very well with the business.”
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About Grace Matthews, Inc.
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies. Grace Matthews’ chemical practice is known globally for completing successful chemical industry transactions dating back to the early 1990s. Grace Matthews’ principals have completed over 100 transactions involving global corporations such as Akzo Nobel, 3M, DuPont, Sherwin-Williams, PPG Industries, Ashland, Ceradyne, DSM, ICI, Borregaard, Air Products, Landec Corporation, The Home Depot, Hexion Specialty Chemicals, Atofina Chemicals, Brush Engineered Materials, Becker Industrial Coatings, RPM International, Courtaulds, Domino Sugar, and Chr. Hansen Laboratories. For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com.
About United Paint
Founded in 1953, United Paint is a formulator and manufacturer of highly innovative coatings for automotive interior applications with approvals of its products by 25 of the world’s leading vehicle manufacturers. Its coating systems enhance the durability and aesthetic qualities of components, such as instrument panels, consoles and appliques, inside many of the world’s most successful automotive programs. The divestiture of this segment of United’s business will allow it to continue a 63-year legacy of reinvestment in niche coating technologies. For more information visit unitedpaint.com.
About Axalta Coating Systems
Axalta is a leading global company focused solely on coatings and providing customers with innovative, colorful, beautiful and sustainable solutions. From light OEM vehicles, commercial vehicles and refinish applications to electric motors, buildings and pipelines, its coatings are designed to prevent corrosion, increase productivity and enable the materials Axalta coats to last longer. With 150 years of experience in the coatings industry, the approximately 12,800 people of Axalta continue to find ways to serve more than 100,000 customers in 130 countries better every day with the finest coatings, application systems and technology. For more information visit axaltacoatingsystems.com