Manufacturer of specialist industrial coatings, Spencer Coatings Group, which was founded in Aberdeen in 1909, has been sold to Axalta Coating Systems, a global supplier of liquid and powder coatings.
Phil Buck, managing director of Spencer Coatings Group said: “The shareholders are delighted with the outcome of this process. We had excellent support from PwC and look foward to being part of Axalta as we continue to grow the business.”
Spencer Coatings Group provides high performance industrial coatings for heavy-duty equipment, general industrial, oil and gas, and glass coatings segments throughout the UK and international markets from its three UK based manufacturing facilities.
Axalta’s customers include the world’s leading car and commercial vehicle OEMs, thousands of body shops engaged in vehicle repair and industrial end-markets ranging from manufacturers of building facades, electrical components and metal furniture to oil and gas pipelines and high strength coil sheets.
Jon Shelley, Head of corporate finance Scotland at PwC who acted as lead financial advisor to Spencer Coatings Group, said: “We are delighted to have supported the shareholders of Spencer Coatings Group during this exciting time for the business. In Axalta, they have found a partner to maximise the development of their exciting range of specialist coatings product. This deal deomstrates the cross-border M&A expertise that the firm has, as well as the strength of our global network.”
The PwC team was led by Jon Shelley and Cara Haffey and included Charlie McCarthy and Stephanie Stavrides.