The investment also includes $250m of DuPont Performance Coatings (DPC) pension liabilities.
Carlyle trumped a final round offer from a consortium comprising KKR and Onex for the asset, whose sale price was equivalent to 12-times its trailing EBITDA.
The unit also received earlier interest from Apollo and three separate consortiums, comprising TPG and Advent, CVC and Clayton Dubilier and Rice, and Blackstone and Bain Capital.
DPC supplies vehicle and industrial paint to customers including Maaco, Ford and General Motors, and has a salesforce of around 11,000 employees. Sales are expected to hit more than $4bn this year.
“DuPont Performance Coatings is a successful business with attractive market positions, next-generation technology and established brands,” said Greg Ledford, Carlyle managing director and head of the industrial and transportation team.
“Through targeted investments we will support DPC’s product development and growth objectives as it transitions to a stand-alone company. We look forward to working with management to fully realize DPC’s great potential.”
Gregor Böhm, managing director and co-head of Carlyle’s Europe buyout team, added, “DuPont Performance Coatings is a technology innovator and we look forward to building on its strong market presence to accelerate growth in emerging markets, particularly in China and Brazil.”
The firm has completed 17 deals valued at about $15bn this year alone – nearly triple the value of those completed by listed buyout peer Blackstone ($5.4bn) and almost double that of Apollo Global Management ($7.9bn).
The investment will be financed through Carlyle Partners V and Carlyle Europe Partners III.
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