World-leading coatings manufacturer Hempel has completed the acquisition of Farrow & Ball, a luxury decorative paint and wallpaper company with an annual turnover of over €100 million ($119 million). 

 

Hempel sealed an agreement with a fund managed by the private equity group Ares Management Corporation for buying the entire stake of Farrow & Ball.

 

With this acquisition, Hempel has taken the next, large step to double its revenue to €3 billion ($3.6 billion) by 2025. The acquisition is a perfect strategic match, supporting Hempel’s growth ambitions within the decorative segment.

 

"Today is an exciting day as we happily welcome the iconic, luxury, decorative paint and wallpaper company, Farrow & Ball, to the Hempel family. I am very proud to bid a warm welcome to over 600 new colleagues, and look forward to ensuring together that Farrow & Ball continues its strong growth journey," remarked Hempel Group President & CEO Lars Petersson.

 

Petersson said Hempel has taken the next step on its journey to double their 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," said the top official.

 

With Hempel’s strong global presence and long-term trade credentials, the intention is to grow and expand Farrow & Ball globally.

 

"Respecting Farrow & Ball’s unique offering and heritage, we will look to grow and nurture a brand, loved by consumers, designers and cultural institutions around the world – all who have a passion for rich colours in an eco-friendly paint," he added. 

 

Farrow & Ball CEO Anthony Davey said: "Joining the Hempel Group will offer new opportunities to further support Farrow & Ball’s growth and development. The fit is a good strategic match: we share similarly strong heritage, sustainability principles, and are leaders in our field."

 

"We complement each other in our ambitions and look forward to working together to continue to transform homes around the world with our iconic colours," he added.-TradeArabia News Service