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07/2024100%

Coverflexx acquired by Axalta Coating Systems

UNITED STATES Chemicals & Materials / Specialty Chemicals / Paints & Coatings EV $300–700M

Context

Axalta Coating Systems completed the acquisition of CoverFlexx Group, a subsidiary of Transtar Holding, on July 2, 2024. The transaction represents a bolt-on acquisition aimed at reinforcing Axalta’s footprint in the North American automotive refinish coatings segment. The strategic rationale is anchored in strong product and customer complementarity. CoverFlexx brings a portfolio of value-oriented coatings and aftermarket solutions, allowing Axalta to broaden its offering across the price spectrum and better address economy-focused customer segments. This positioning is particularly relevant in the refinish market, where cost sensitivity and product availability are key purchasing drivers. The integration of CoverFlexx’s brands and capabilities enhances Axalta’s go-to-market strategy and supports incremental penetration in the aftermarket channel. From a value creation standpoint, the transaction is expected to be value-accretive through cross-selling opportunities, expanded distribution reach, and operational synergies across manufacturing and procurement. The addition of CoverFlexx also strengthens Axalta’s scale in a fragmented sector characterized by ongoing consolidation and sustained demand driven by vehicle repair activity.

Coverflexx, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only].

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Target

CoverFlexx Group is a North America-based manufacturer and distributor of coatings and detailing products, with operations in the United States and Canada. The company develops a broad portfolio of automotive refinish and aftermarket solutions, including primers, basecoats, clearcoats, aerosols, fillers, bedliners, and paint shop accessories. Its product suite is marketed under established brands such as Transtar® Autobody Technologies, Pro Form™ and Aftermkt Armor™, targeting primarily value-oriented customers across automotive repair and refinishing end markets. The company operates manufacturing and product development facilities in Michigan and Ontario, supporting a vertically integrated model that combines formulation, production, and distribution capabilities. With a focus on the aftermarket segment, CoverFlexx addresses recurring demand driven by vehicle repair cycles and maintenance needs, providing cost-effective solutions to body shops and professional users.

Ent. Value

$300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2023
$50–100M
[members only]
[members only]
2022
$50–100M
[members only]
[members only]

Other operations with Axalta Coating Systems

Other operations with Axalta Coating Systems
DateAcquirerTargetCountrySector
11/2025AKZO NOBELAXALTA COATING SYSTEMSUNITED STATESPaints & Coatings

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REFERENCES

Valuation range: EV $300–700M

Revenue range: $50–100M

EV/Revenue range: 2x - 6x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Coverflexx by Axalta Coating Systems are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Axalta Coating Systems’s acquisition of 100% of Coverflexx, an American company specialised in Specialty Chemicals, in 2024.

How was the acquisition of Coverflexx by Axalta Coating Systems valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $300–700M band and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What was Coverflexx’s revenue at the time of the deal?

At the time of the transaction, Coverflexx’s annual revenue was estimated within the $50–100M range (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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