The automotive OEM, refinish and surface treatment business begins operating July 1 as a standalone company under Carlyle Group and Qatar Investment Authority ownership, with BASF retaining a 40% stake. The automotive coatings business formerly known as BASF Coatings began operating July 1 as an independent company under a new name, Surventis, a day after […]
ASE Acquires WrenchWay to Expand Technician Workforce Development
The National Institute for Automotive Service Excellence (ASE) said June 30 it has acquired WrenchWay, the workforce platform the certification body has partnered with over the past year to recruit and develop service technicians. WrenchWay’s co-founders and employees will join ASE as part of the agreement. Terms were not disclosed. The deal brings in-house a […]
BASF Coatings Names Executive Committee to Lead Standalone Company
Sale to Carlyle Group expected to close next week. BASF Coatings has named the seven-member executive committee that will run the automotive coatings business as an independent company beginning July 1, when its sale to Carlyle Group is expected to close. The committee will be led by incoming chief executive officer Jens Luehring. The appointments […]
Axalta Sets Aug. 5 Stockholder Vote on AkzoNobel Merger
Axalta Coating Systems Ltd. (NYSE: AXTA) will hold a special meeting of stockholders Aug. 5 to vote on its proposed all-stock merger of equals with AkzoNobel N.V., after the U.S. Securities and Exchange Commission declared effective the registration statement underlying the deal and Axalta filed its definitive proxy statement. Axalta’s special meeting is set for […]
AkzoNobel Sets Aug. 5 Shareholder Meeting on Axalta Merger as SEC Clears Registration Statement
AkzoNobel N.V. will convene an extraordinary general meeting of shareholders Aug. 5 in Amsterdam to vote on its proposed all-stock merger of equals with Axalta Coating Systems Ltd., advancing a roughly $25 billion combination that would create the world’s No. 2 coatings company and one of the largest suppliers to the collision repair industry. The […]
PGW Auto Glass Acquires Windshield Surgeons in Alberta, Expanding Canadian Operations
PGW Auto Glass has acquired Windshield Surgeons, an Alberta-based automotive glass company, in a move the distributor said June 24 extends its push to build out its Canadian business. “Windshield Surgeons is a strong strategic fit for PGW as we continue to grow our Canadian business,” said Todd Fencak, CEO of PGW. “This acquisition allows […]
AutoNation Acquires Three Bay Area Luxury Dealerships
Acquisition includes collision repair center. AutoNation Inc. (NYSE: AN) has acquired three luxury dealerships in the San Francisco Bay Area — Audi Fremont, Mercedes-Benz of Fremont and Porsche Fremont — in a transaction that took effect June 22. The Fremont stores generate about $400 million in combined annual revenue and sell about 4,800 new and […]
AutoCanada Enters Thunder Bay With Acquisition of Mascarin Collision Centre
AutoCanada Inc. (TSX: ACQ) has completed its acquisition of Mascarin Collision Centre, a collision repair business in Thunder Bay, Ontario, the company said June 10. The deal establishes AutoCanada’s first presence in the Northern Ontario transportation hub and grows the company’s collision network to 36 centers. The acquisition lands two days after AutoCanada closed its […]
AkzoNobel Issues €750 Million Bond to Support Axalta Merger Financing
AkzoNobel N.V. (AMS: AKZA; OTCMKTS: AKZOY) on June 9 launched a €750 million ($868 million) bond with a three-year maturity and a coupon of 3.625%, with proceeds supporting financing initiatives related to the company’s proposed merger with Axalta Coating Systems Ltd. The bond issue is the latest step toward completing the $25 billion all-stock merger […]
Snap-on Acquires Heavy-Duty Diagnostics Provider Diesel Laptops for $100 Million
Snap-on Incorporated (NYSE: SNA) announced June 9 that it has acquired Diesel Laptops LLC for approximately $100 million in cash, extending the tool and diagnostics maker’s reach into the commercial truck and off-highway equipment repair markets. The transaction closed June 8. The acquisition adds to the proprietary repair data and diagnostics offerings of Snap-on’s Repair […]