CLEVELAND, May 13, 2024
/PRNewswire/ -- Transtar Holding Company, a leader in automotive
aftermarket solutions, is pleased to announce that Axalta Coating
Systems (NYSE: AXTA), a prominent global coatings company, has
signed a definitive agreement to acquire The CoverFlexx Group. The
transaction is anticipated to close in the third quarter, pending
regulatory approval and customary closing conditions. Baird served
as the exclusive financial advisor to CoverFlexx on this
transaction.
The CoverFlexx Group, a subsidiary of Transtar Holding Company,
specializes in manufacturing and distributing coatings for
automotive refinish and aftermarket applications. Renowned brands
under The CoverFlexx Group umbrella include Transtar® Autobody
Technologies, Pro Form™ and Aftermkt Armor™ products. The
CoverFlexx Group operates with a workforce of over 120 employees
across manufacturing and product development facilities located in
Brighton, Michigan, and
Milton, Ontario.
President of The CoverFlexx Group, Ben
DePompei stated, "Axalta is a premier global manufacturer of
refinish and industrial coatings. Coupling our brands and
opportunities to expand is exciting, and we look forward to joining
their team and experiencing continued growth."
Neil Sethi, President and CEO of
Transtar Holding Company added, "The CoverFlexx Group's
strategic innovation has driven remarkable success, and we believe
Axalta is positioned to further accelerate its growth
trajectory."
This strategic move allows Transtar Holding Company to focus
exclusively on the growth of NexaMotion Group, a
portfolio of technology-driven automotive aftermarket businesses
that offer a complete suite of mechanical auto repair products and
industry-leading e-commerce solutions.
About Transtar Holding Company
Transtar Holding
Company is a portfolio of businesses that provides world-class
innovative technologies, distribution and manufacturing of OE
and aftermarket automotive products. Its business units
include NexaMotion Group for the aftermarket industry and
The CoverFlexx Group for vehicle and equipment coatings. Learn more
at www.transtarholding.com.
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SOURCE Transtar Holding Company