Deal Details
CoverFlexx Is Acquired by Axalta
Summary
The CoverFlexx Group (“CoverFlexx” or “CFG” or the “Company”), a subsidiary of Transtar Holding Company (“Transtar”), announced it has signed an agreement to be acquired by Axalta Coating Systems (“Axalta”) (NYSE: AXTA) for initial cash consideration of $285 million, plus an additional $10 million earnout based on the Company’s 2024 performance. The transaction is expected to close in Q3 2024 and is subject to regulatory approvals and customary closing conditions.
Baird served as the exclusive financial advisor to CoverFlexx on this transaction.
About
CoverFlexx specializes in manufacturing and distributing coatings for automotive refinish and aftermarket applications. Renowned brands under the CoverFlexx umbrella include Transtar® Autobody Technologies, Pro Form™ and Aftermkt Armor™ products. CFG operates with a workforce of over 120 employees across manufacturing and product development facilities located in Brighton, Michigan and Milton, Ontario. CoverFlexx is headquartered in Brighton, Michigan.Transtar is a portfolio of businesses that provides world-class innovative technologies, distribution and manufacturing of OE and aftermarket automotive products. Its business units include NexaMotion Group for the aftermarket industry and CoverFlexx for vehicle and equipment coatings. Transtar is headquartered in Walton Hills, Ohio.
Axalta is a global leader in the coatings industry, providing customers with innovative, colorful, beautiful and sustainable coatings solutions. From light vehicles, commercial vehicles and refinish applications to electric motors, building facades and other industrial applications, Axalta’s coatings are designed to prevent corrosion, increase productivity and enhance durability. With more than 150 years of experience in the coatings industry, the global team at Axalta continues to find ways to serve their more than 100,000 customers in over 140 countries better every day with the finest coatings, application systems and technology. Axalta is headquartered in Philadelphia, Pennsylvania.
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- Date
- May 2024
- Company
- The CoverFlexx Group
- Transaction
- M&A - Sellside
- Sectors
- Industrial
- Verticals
-
Specialty Materials & Chemicals
Vehicle Technology & Mobility
- Target Geography
- North America
- Acquiror Geography
- North America
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