Warren Buffett’s Berkshire Hathaway investment firm has decided to buy an 8.7 percent stake in paint maker Axalta Coating Systems Ltd. from Carlyle Group for $560 million.

Axalta shares jumped 4.1 percent to $29.50 on the news that Berkshire would purchase 20 million shares at $28 per share, which was a slight discount in the stock, according to a Reuters report.

Carlyle holds about 170.3 million shares, a 74.1 percent stake, in Axalta. Carlyle bought Axalta from Dupont back in February 2013 for $4.9 billion. The company makes coatings of liquid and powder that are used in the automotive and transportation industries. Berkshire had also purchase Lubrizol Corp., a lubricants manufacturer, for about $9 billion back in 2011.

Axalta went public in November. Carlyle had also considered selling the brand to Akzo Nobel NV, a Dutch paint maker.

Buffett indicated last year he wanted to make some big acquisitions for Berkshire for expansion purposes.

Axalta’s shares have increased 45 percent since debuting on the New York Stock Exchange, closing at $28.33 Monday.

Axalta Chief Executive Charlie Shaver said that Berkshire is the “type of quality investor that Axalta has been fortunate to attract since our IPO last year,” according to the report.

Buffett is the chairman, CEO, and largest shareholder and Berkshire Hathaway, and has built a reputation as one of the most savvy investors on the planet as well as a very visible business magnate and philanthropist. He is consistently ranked as one of the richest men as the planet, typically only slightly behind usual frontrunner Bill Gates of Microsoft. Buffett has joined Gates in pledging to give away the vast majority of his wealth to philanthropic causes, mostly via the Gates Foundation.

Buffett has been working to expand Berkshire ever since the investment firm took some beatings following bad investments in Goldman Sachs and others back when the recession happened in 2008.