Graphite Capital generates 4.5x ROI with £428m U-POL exit

Private equity firm Graphite Capital has made a £428 million exit from automotive repair and refinishing products company U-POL. The sale, to US firm Axalta Coating Systems, represents a 4.5x return on Graphite’s original investment in the business.

The deal is subject to clearance from competition authorities and is expected to close in the second half of 2021.

Headquartered in Wellingborough, U-POL manufactures over 1,000 products and distributes across more than 100 countries. Over the course of recent years, it has established itself in the online and US marketplaces, whilst also expanding into emerging markets like Africa and China.

In 2010, Graphite led a £139 million buy-out of U-POL and, under its ownership, the company has seen its sales double to more than £100 million, while its workforce has increased from 210 to 340, a more than 60 per cent rise.

Commenting on the sale, Graphite Capital Senior Partner James Markham said: “It has been highly rewarding working with the U-POL team in executing their ambitious growth strategy.”

“We are very pleased to have played an active role supporting them as they built U-POL into a truly global business with a culture of innovation set to generate continuing growth. This transaction crystallises an attractive return for our investors.”

U-POL CEO Guy Williams added: “Graphite has been a very active and helpful partner to us as we have transformed every part of the business over recent years. We have invested heavily in our people, our brands and innovation, all of which has enabled us to reposition U-POL with its customers.”

“We are delighted that Axalta has acquired U-POL and believe we are extremely well placed to continue our exciting growth trajectory under their ownership.”


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