Luxury paint and wallpaper company Farrow & Ball has been bought by Danish coatings manufacturer Hempel.
Hempel bought Farrow & Ball from American private equity group Ares Management Corporation, which is understood to have paid £275m for the company in 2014.
The Financial Times reported the Hempel deal at €500m.
Hempel said its objective was to take Farrow & Ball global as part of its efforts to double sales to €3bn by 2025.
‘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,’ says Lars Petersson, Hempel Group president and ceo.
‘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. 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.’
‘We are looking forward to taking our growth journey to the next level as part of Hempel with whom we share strong sustainability principles. As part of the group, we have an exciting opportunity to extend our brand in new markets through a strong global distribution network and longstanding trade relationships,’ says Anthony Davey, Farrow & Ball ceo.
