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Denmark's Hempel to acquire Farrow & Ball

Tue 11 May 2021 08:22 | A A A

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(Sharecast News) - High-end paint and wallpaper specialist Farrow & Ball is being sold to Danish coatings manufacturer Hempel Group, it was confirmed on Tuesday.

The British brand, which was founded in 1946, is being sold by its US private equity owner, Ares Management, for an undisclosed sum. However, according to the Financial Times, the deal is thought to value Farrow & Ball - famous for paints such as Dead Salmon, Smoked Trout and Elephants Breath - at £500m.

Ares acquired Farrow & Ball in 2014 for £275m.

Copenhagen-based Hempel, which makes coatings for specialist large-scale items such as container vessels and bridges as well as paints for home use, said the acquisition was "the next, large step" in its plan to double revenues to €3bn by 2025. Hempel already owns another British paint brand, Crown Paints.

"Farrow & Ball is an iconic, luxury, decorative paint and wallpaper company," said chief executive Lars Petersson. "It is used by consumers, designers and cultural institutions around the world. Together we will ensure that Farrow & Ball continues its strong growth journey."

In in the year to March 2020, revenues were £87m at Dorset-based Farrow & Ball, up from £83.6m a year previously. It is expected to have received a boost over the last year, as people forced to spend time at home during lockdown embarked on DIY projects.

Anthony Davey, chief executive, said: "As part of Hempel, we have an exciting opportunity to extend our brand in new markets through a strong global distribution network and long-standing trade relationships."

The deal is expected to close in the second half of 2021.

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