2021 Seale & Associates Creative Solutions. Trusted Advice - Seale & Associates
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Seale & Associates
Creative Solutions. Trusted Advice .
PAINTS &
COATINGS
INDUSTRY
Q1
2021
VALUATION
UPDATE
INTRODUCTION
We are pleased to share our Paints & Coatings Industry Valuation Update for Q1
2021.
At Seale & Associates, we are committed to provide process-driven solutions designed
to optimize value and achieve our clients’ strategic objectives on a range of
transactions including Mergers, Acquisitions, Divestitures and Carve-Outs, Business
Sales, Recapitalizations, and Joint Ventures, among other corporate finance and
strategy consulting services.
Over the course of 20 years we have been successfully serving clients all over the
world, and we are delighted to provide investment banking advisory services to our
paints & coatings clients that are looking to grow through acquisitions or optimize their
portfolio through strategic divestitures.
Seale has extensive experience advising companies that engage in paints & coatings
manufacturing, including:
Team
Sergio García Carlos Hernández
Managing Director Managing Director
O: +52 (55) 8000 7463 O: +1 (571) 482 3431
M: +52 (55) 5454 3152 M: +1 (703) 795 4903
sgarcia@sealeassociates.com chernandez@sealeassociates.com
Sofía Félix Alejandro Montemayor
Head of Business Development Vice President
O: +52 (55) 8000 7463 O: +52 (55) 8000 7463
M: +52 (55) 3489 1049 M: +52 (81) 1212 8004
sfelix@sealeassociates.com amontemayor@sealeassociates.com
Washington, D.C. Mexico City Miami Monterrey
Paints & Coatings Industry Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES – GLOBAL
Annual Average First Quarter
Market Enterprise
Revenue EBITDA EV/EBITDA Mar. 31, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Akzo Nobel N.V. NLD $20,991 $22,444 $10,252 15.4% 16.4x 13.7x 14.0x 2.2x
Ashland Global Holdings, Inc. USA $5,385 $6,891 $2,345 20.2% 10.6x 11.3x 13.3x 2.9x
Axalta Coating Systems Ltd. USA $6,889 $9,634 $3,818 18.5% 10.9x 11.1x 12.4x 2.6x
BASF SE DEU $76,367 $94,822 $72,354 11.8% 9.8x 15.2x 12.9x 1.4x
Chase Corporation USA $1,094 $1,012 $264 25.4% 13.5x 12.9x 14.9x 3.9x
Clariant AG CHE $6,665 $7,892 $4,363 15.4% 8.6x 12.7x 10.8x 1.9x
DuPont de Nemours, Inc. USA $41,606 $62,081 $20,397 23.5% 5.5x 10.4x 11.9x 3.0x
Element Solutions, Inc. USA $4,519 $5,849 $1,854 21.6% 11.8x 10.4x 13.9x 3.2x
Elementis plc GBR $1,003 $1,455 $751 16.9% 9.3x 10.0x 11.2x 1.9x
Ferro Corporation USA $1,394 $2,071 $959 13.1% 9.8x 12.4x 15.1x 2.2x
H.B. Fuller Company USA $3,287 $4,999 $2,870 14.3% 10.9x 10.5x 11.9x 1.7x
Kansai Paint Co., Ltd. JPN $6,868 $7,426 $3,491 13.6% 13.0x 13.6x 15.5x 2.3x
Masco Corporation USA $15,209 $17,092 $7,577 20.2% 10.0x 11.5x 11.8x 2.4x
Nippon Paint Holdings Co., Ltd. JPN $33,867 $37,195 $7,569 14.5% 15.9x NR NR 5.3x
PPG Industries, Inc. USA $35,604 $40,311 $14,338 16.7% 13.2x 13.2x 16.6x 2.9x
RPM International, Inc. USA $11,950 $14,243 $5,821 14.9% 15.7x 15.4x 15.4x 2.5x
Synthomer plc GBR $2,716 $3,446 $2,245 12.6% 9.2x 10.5x 11.4x 1.5x
The Sherwin-Williams Company USA $65,476 $75,363 $18,871 19.3% 18.6x 16.9x 18.7x 4.1x
Uzin Utz AG DEU $391 $459 $421 11.0% 9.9x 8.3x 8.7x 1.0x
NR: Not Relevant Mean 11.7x 12.2x 13.4x 2.6x
Median 10.9x 11.9x 13.1x 2.4x
Paints & Coatings Industry
Sources: Capital IQ, S&P Market Intelligence Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
PAINTS & COATINGS – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Manufactures and sells
Mar-21 J-Chemical, Inc. JPN -
adhesives
Manufactures and supplies
Mar-21 Applied Products, Inc. USA adhesives and dispensing -
equipment technology
BDK Industrial Products Manufactures and distributes
Mar-21 GBR -
Limited adhesive components
Manufactures hybrid-
Poliplás Selantes e
Feb-21 BRA technology sealants and -
Adesivos Limitada
adhesives
Manufactures isolating
JONAS Farbenwerke paints, plasters, glues,
Feb-21 DEU Acquired the remaining 50.2% stake
GmbH & Co. KG primers, and silicone based
products
Manufactures concrete
treatments and products,
Convergent Concrete
Feb-21 USA including hardeners, -
Technologies LLC
densifiers, finishes, and
adhesive treatments
Arakawa Toryo Kogyo Manufactures and sells Arakawa Toryo Kogyo Co.,
Jan-21 JPN -
Co., Ltd. paints Ltd.
Manufactures and provides
Jan-21 BlueDevil Products USA sealants for the automotive -
aftermarket industry
Karl Wörwag Lack- und
Provides coating solutions for
Jan-21 Farbenfabrik GmbH & DEU -
industrial applications
Co.KG
Manufactures and supplies
Jan-21 VersaFlex Incorporated USA protective coatings, linings, -
and sealants
Jan-21 Dux Paint LLC USA Manufactures coatings -
Paints & Coatings Industry
Sources: Capital IQ, S&P Market Intelligence Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.REPRESENTATIVE GLOBAL ENGAGEMENTS
has sold has sold
to has acquired has acquired has acquired has been acquired by
to
GE Power and
Systems JBI Holding SAS
Grupo Educativo
IEJV
has partnered with has acquired
has acquired has acquired
The Zinc Recycling
has been acquired by
Business
of
a subsidiary of has been acquired by
a subsidiary of
has sold the North has sold
American
has been guarding business of has been acquired by and
has sold recapitalized by has acquired
to
A division of Carrier Commercial Refrigeration, Inc.
to
to
and
intelectiva ®
has acquired
has sold has acquired Holding company of
Cosmocel Química
has sold its concrete
to
pumping business to
has been acquired by has acquired a majority
KFC Costa Rica dealerships from stake in
a business unit of from
has sold
Its sanitaryware
has acquired businesses
has merged its
Grupo Galaz, S.A de C.V. has been acquired by beverage division
has been acquired by Workshop and store in
with and
has been acquired by Mexico City from
to
Washington, D.C. | Miami | Mexico City | MonterreyContact Information
Seale & Associates James A. Seale
President
jseale@sealeassociates.com
Creative Solutions. Trusted Advice.
Brett M. Carmel
Since 1999, Seale & Associates has been the trusted advisor Senior Managing Director
bcarmel@sealeassociates.com
to respected public and private companies from around the
Felipe Bueno Viesca
world. Seale is a global investment bank with extensive Senior Director
fbueno@sealeassociates.com
experience in mergers and acquisitions (M&A), corporate
Sergio Garcia del Bosque
finance advisory, and enterprise level strategy consulting with Managing Director
sgarcia@sealeassociates.com
a track record of success in a diverse range of industries. Our
Carlos Hernandez
experienced team of professionals are committed to serving Managing Director
chernandez@sealeassociates.com
clients with excellence and integrity, while offering innovative
Alejandro Montemayor
ideas and solutions to address complex transactions. Vice President
amontemayor@sealeassociates.com
Armando Rios
ADVISOR TO LEADING COMPANIES WORLDWIDE Associate
arios@sealeassociates.com
Fernanda Esparza
Analyst
fesparza@sealeassociates.com
Sofia Felix
Business Development
sfelix@sealeassociates.com
Miguel Leal
Business Development
mleal@sealeassociates.com
Andre de Lachica
Junior Analyst
adelachica@sealeassociates.com
Andre Leroy
Junior Analyst
lleroy@sealeassociates.com
Carlos Bonilla
Junior Analyst
CONTACT INFORMATION cbonilla@sealeassociates.com
Daniela Verdugo
Junior Analyst
dverdugo@sealeassociates.com
Headquarters
901 N. Glebe Road Jose Pablo Arronte
Junior Analyst
5th Floor jarronte@sealeassociates.com
Arlington, Virginia
Regina Labardini
+1 (703) 294 6770 Junior Analyst
rlabardini@sealeassociates.com
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Washington, D.C. | Miami | Mexico City | Monterrey For additional information, please visit
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