Private equity firm Carlyle Group has emerged as the front-runner in talks to acquire BASF’s coatings business in a deal valued at roughly €7 billion ($8.2 billion), according to a Reuters report today citing a source close to the matter. According to Reuters, Carlyle has outbid other financial investors that had shown interest in the business. […]
BASF Reported Launching Next Round of Bidding for Coatings Business
A smaller group of potential acquirers expected to participate next month. The sale of BASF’s coatings business is moving to the next round of offers from a short list of bidders in August according to a report in Bloomberg. According to the report, based upon anonymous sources familiar with the matter, AkzoNobel and several private […]
BASF Reported to Start Process to Sell Coatings Business
Sale expected to attract interest from other coatings companies along with private equity firms. BASF is reported to have started the process to sell its coatings business that could value the business unit at €6 billion ($6.8 billion) that produces automotive OEM and refinish coatings along with decorative paints. As CollisionWeek reported in February, BASF […]
UK-Based Nationwide Accident Repair Services Sold to Vehicle Rental and Accident Management Firm
Hurt by slowdown caused by pandemic the collision repair facility operator was placed in bankruptcy administration and sold. Sale includes 77 collision repair centers and three offices out of 110 total locations. PwC announced that Nationwide Accident Repair Services (NARS) was placed in administration and subsequently sold to RunMyCar Limited, a subsidiary of Redde Northgate […]
AkzoNobel Closes Sale of Specialty Chemicals to The Carlyle Group and GIC
Akzo Nobel N.V. (AKZA; AKZOY) announced today it completed the sale of the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion ($11.7 billion). The sale was originally announced last March. “Today is a key milestone in the history of AkzoNobel, creating a focused paints and coatings company, […]
Shaver Named New CEO for AkzoNobel Specialty Chemicals Pending Completion of Sale
Axalta CEO, who is stepping down in September, will lead business spun off to The Carlyle Group and GIC. Shaver led Axalta during transition from DuPont to Carlyle ownership and eventual public offering. As part of the strategy to separate Specialty Chemicals from its Paints and Coatings business, AkzoNobel announced in March 2018 that it […]
Innovation Group Acquires TCS Claims in UK
The Innovation Group (IG) announced that its UK business is acquiring TCS Claims (TCS) from Endsleigh Insurance Services Ltd, and starting a strategic relationship with Endsleigh for the provision of claims handling services. TCS was established by Endsleigh in 1999. The business provides a full-service claims handling capability to a number of insurers, brokers, MGAs […]
AkzoNobel Sells it Specialty Chemicals The Carlyle Group and GIC for $12.5 Billion
AkzoNobel today announced the sale of its Specialty Chemicals business to private equity firm The Carlyle Group and GIC Pte. Ltd., Singapore’s sovereign-wealth fund, for €10.1 billion ($12.5 billion). The sale, part of the plan announced last spring, to split the company into two units with one focusing on Paints and Coatings, and the other Specialty […]
Service King Reportedly Up for Sale
Private equity firms rumored to be considering exiting their position in collision repair facility operator. Service King Collision Repair Centers may be up for sale according to an article published Monday by Bloomberg. Founded in 1976 by Eddie Lennox in Texas, the collision repair chain now operates 309 locations in 23 states. According to unnamed […]
Carlyle Completes Acquisition of AA Ireland
Carlyle Cardinal Ireland (CCI) and Carlyle Global Financial Services Partners (CGFSP) have completed the acquisition of the AA Ireland from the AA plc (LON:AA) following receipt of the required regulatory approvals. CCI partnered with CGFSP to acquire AA Ireland, one of the largest insurance intermediaries in Ireland, for €156.6 million ($176.6 million) including consideration for […]