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Carlyle’s Axalta Files for IPO in the U.S. After 2013 Buyout

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Aug. 20 (Bloomberg) -- Axalta Coating Systems Ltd., acquired last year by private-equity firm Carlyle Group LP, filed for a $100 million initial public offering in the U.S.

The figure is a placeholder used to calculate fees and may change. While the exact price and share amount will be revealed closer to the IPO, the Philadelphia-based company is looking to raise about $1 billion, people familiar with the matter said last week.

Axalta is the former auto-paint unit of DuPont Co., which decided to exit the business as part of a shift to other industries such as food and biofuels. Carlyle bought Axalta in February 2013 for $4.9 billion, and also plans to sell shares in the IPO, according to the prospectus.

Axalta generated $2.17 billion in revenue in the first half of 2014, a 22 percent jump from the same period a year earlier, the filing showed. The company had about $3.9 billion in total debt as of the end of June.

Citigroup Inc., Goldman Sachs Group Inc., Deutsche Bank AG and JPMorgan Chase & Co. are managing the offering.

To contact the reporter on this story: Leslie Picker in New York at lpicker2@bloomberg.net

To contact the editors responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net John Lear

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