BASF has initiated the sale of its coatings division, a process that could value the unit at approximately €6 billion, according to a report by Bloomberg which cited unnamed sources.
These sources said BASF has sent information about the division to potential buyers in recent weeks. Carlyle Group, which previously owned Axalta Coating Systems for several years, is reportedly considering a bid for the coatings business in collaboration with Sherwin-Williams. CVC Capital Partners and Lone Star Funds are also showing interest, the Bloomberg sources said.
Other private equity firms including Advent, Bain Capital, Blackstone and Platinum Equity are said to be planning to assess the division, while the sources said other competing coatings companies may express interest later.
A BASF spokesperson told Bloomberg that there is “high interest” from strategic buyers, private equity firms and consortiums.
“We are approaching the market to explore strategic options for the remainingcoatings activities,” the spokesperson said. “Discussions will be held with interested parties and we are open to the outcome. It is too early to indicate what direction this may take.”
Neither Sherwin-Williams nor any of the private equity buyers agreed to comment or respond to Bloomberg’s request for comment before deadline.
According to Bloomberg, in March 2025, BASF hired Bank of America and JPMorgan Chase to guide it through the potential sale of its coatings division. In February, BASF agreed to sell its Brazilian architectural paints business to Sherwin- Williams for US$1.15 billion in an all-cash transaction.
