Orbis Advises On The Cross-Border Sale Of Plascoat Systems To Axalta Coating Systems Inc
Orbis Partners have finalised the sale of Plascoat Systems (Plascoat) to Philadelphia-based Axalta Coating Systems (Axalta). Orbis were engaged by Plascoat’s Parent Company International Process Technologies (IPT) to sell the Plascoat business.
Plascoat with Sales in excess of £20 million is one of the leading thermoplastic powder coating manufacturers worldwide, with production facilities in Farnham, Surrey and Zuidland, Netherlands. Plascoat has been developing and manufacturing thermoplastic powders, for use in the coating industry for over 60 years.
Axalta develops, manufactures and sells a wide selection of performance and transportation coatings around the world. Established in 1866, Axalta has 46 manufacturing facilities across the globe serving over 100,000 customers. As part of the transaction, Axalta will acquire both Plascoat manufacturing facilities in Farnham, England and Zuidland, Netherlands which will strengthen the production capabilities of the business. The Plascoat management team will remain in place following the sale process.
Orbis worked closely with us throughout the process to deliver a fantastic outcome. They identified a number of strategic buyers for the business and ultimately ensured we found a business that would enable Plascoat to grow.
Jeremy Stoke, Chairman
Axalta was identified as a complementary buyer at the early stage of the sale process. The manufacturing facilities owned by Plascoat in Surrey and the Netherlands offer additional capabilities to the Axalta business which makes the sale a good strategic and operational fit for both businesses.
Legal advice to IPT was provided by Burges Salmon in Bristol.
