Axalta Coating Systems Ltd. (NYSE:AXTA) has entered into a definitive agreement to acquire CoverFlexx Group from Transtar Holding Company, LLC for approximately $300 million on May 13, 2024. The consideration consists of an initial cash consideration of $285 million, plus an additional $10 million earnout based on the business?s 2024 performance. The CoverFlexx Group had revenue of $78 million in 2023.

Closing of the transaction is subject to regulatory approval and other customary closing conditions and is expected to occur in the third quarter 2024. Jon Fitzsimmons, Drew Prekop, Adam Czaia, Jeff Seaman, Aaron Haney and Alex Ballantine of Robert W. Baird & Co. Incorporated served as the exclusive financial advisor to CoverFlexx Group on this transaction.