BDA advises Sherwin-Williams on automotive coatings acquisition in China

• Expands Sherwin-Williams’ presence as a supplier of premium aftermarket automotive paints and related products in the growing China market

Business Development Asia LLC (“BDA”) is pleased to announce that its client, The Sherwin-Williams Company (NYSE: SHW), has acquired 100% of Changzhou (Jiangsu) Pulanna Coating Co., Ltd. (“Pulanna”). Pulanna is a leading manufacturer of automotive coatings for sale in the Chinese aftermarket. BDA acted as exclusive financial advisor to Sherwin-Williams from identification of the opportunity through to its execution. The acquisition increases Sherwin-Williams’ presence in China’s automotive sector where passenger car sales have grown strongly in recent years, increasing from 6.8 million in 2008 to over 16 million in 2012. Car sales are forecast to continue rising at an annual rate of approximately 10% for the next decade.

“This transaction shows how BDA’s focus on cross-border M&A with in-country expertise helps its clients realise their Asian growth plans. We wish Sherwin-Williams all future success as the new owners of Pulanna,” said Mark Webster, Managing Director of BDA.

Terms of the transaction were not disclosed.

About The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of coatings and related products to professional, industrial, commercial, and retail customers. The company manufactures products under well-known brands such as Sherwin-Williams®, Dutch Boy®, Krylon®, Minwax®, Thompson’s® Water Seal®, Ronseal™, Becker Acroma™, Sayerlack®, Euronavy®, Altax™ and many more.

With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through more than 4,000 company-operated stores and facilities, while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. For more information, visit www.sherwin.com.

About Pulanna
Pulanna was founded in 2000 by Mr. Mao Xiaojun as a privately owned company, engaged in the production and sales of auto refinish coating products. Since 2009, it has also produced and sold wind blade coating products. Pulanna has 150 employees with its headquarters and main manufacturing facility in Changzhou, Jiangsu province, approximately 150km from Shanghai. Its automotive coating brands include “Conely”, “DFL” and “Lanet”, with Lanet recognized as the regional leader in the premium automotive aftermarket of the strategically important Yangtze River Delta area and beyond, commanding a significant market position.

About BDA
Business Development Asia LLC (“BDA”) is a leader in cross-border investment banking. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe and Asia. BDA was named Investment Banking Firm of the Year by The M&A Advisor in both 2012 and 2010. BDA is headquartered in New York with offices in London, Beijing, Shanghai, Hong Kong, Mumbai, Bahrain, Seoul and Tokyo. BDA formed a partnership with William Blair & Company in 2011, and has advised on over ten transactions involving China in 2012. Further information is available at www.bdapartners.com.

For more information regarding this transaction, please contact Mark Webster in Shanghai on (86) 21 5407 5580 or Charles Maynard in Beijing on (86) 10 8535 0860. For more information about BDA, please contact one of our offices.