World-leading coatings manufacturer Hempel said it has reached an agreement with Ares Management Corporation, a leading global alternative investment manager, to acquire Farrow & Ball, a luxury decorative
paint and wallpaper company with an annual turnover of over euro 100 million, from one of its private equity groups.
With Hempel’s strong global presence and long-term trade credentials, the intention is to grow and expand Farrow & Ball globally, said its top official.
"Farrow & Ball is an iconic, luxury, decorative paint and wallpaper company. It is used by consumers, designers and cultural institutions around the world – all who have a passion for rich colours in an eco-friendly paint," remarked Hempel Group President & CEO Lars Petersson.
"I am very proud to welcome our new colleagues to the Hempel family. Together we will ensure that Farrow & Ball continues its strong growth journey," he added.
According to him, with this deal, Hempel is taking the next, large step to double its revenue to euro 3 billion by 2025.
The acquisition is a good strategic match, supporting Hempel’s growth ambitions within the decorative segment, stated Petersson.
"I am proud that we have already taken the next step on our journey to double our business. The addition of Farrow & Ball to our branded portfolio is another proof point that we are going for leadership positions in key segments and geographies," he added.
Farrow & Ball CEO Anthony Davey said: "We are looking forward to taking our growth journey to the next level as part of the Hempel Group with whom we share strong sustainability principles."
"As part of the Hempel Group, we have an exciting opportunity to extend our brand in new markets through a strong global distribution network and longstanding trade relationships," he added.
The transaction is subject to customary regulatory approval and is expected to close during the second half.-TradeArabia News Service