UK luxurious paint and wallpaper firm Farrow & Ball has been bought to a Danish coatings producer in a £500m deal that may see additional enlargement into worldwide markets.
The Dorset-based enterprise was acquired by Hempel from US personal fairness agency Ares, which has owned Farrow & Ball since 2014.
The deal is topic to regulatory approval and is anticipated to shut within the second half of 2021.
Farow & Ball, which is understood for its unusually-named hues, relies in Wimborne and has an annual turnover of greater than €100m (£86m).
Hempel Group president and chief govt Lars Petersson stated: “I’m very proud to welcome our new colleagues to the Hempel household. Collectively we are going to be certain that Farrow & Ball continues its sturdy progress journey.”
Hempel stated it was planning to double its income to €3bn by 2025, and known as the acquisition “a great strategic match” that will assist its progress ambitions. The Danish agency stated it supposed to develop and develop Farrow & Ball globally.
Mr Petersson stated: “I’m proud that now we have already taken the following step on our journey to double our enterprise. The addition of Farrow & Ball to our branded portfolio is one other proof level that we’re going for management positions in key segments and geographies.”
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Anthony Davey, chief govt of Farrow & Ball, added: “We’re wanting ahead to taking our progress journey to the following stage as a part of the Hempel Group with whom we share sturdy sustainability rules.
“As a part of the Hempel Group, now we have an thrilling alternative to increase our model in new markets by means of a robust international distribution community and longstanding commerce relationships.”
Hempel was based in Copenhagen, Denmark, in 1915. It’s owned by the Hempel Basis.