LYNGBY, Denmark — Coatings manufacturer Hempel has signed a purchase agreement for the acquisition of Farrow & Ball, a luxury decorative paint and wallpaper company with an annual turnover of over €100 million. Hempel agreed to acquire Farrow & Ball from the Private Equity Group of Ares Management Corporation, a leading global alternative investment manager. The transaction is subject to customary regulatory approval and is expected to close in the second half of 2021.
"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. 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," said Hempel Group President & CEO Lars Petersson.
The acquisition is the next step towards Hempel's goal to double its revenue to €3 billion by 2025. It is a good strategic match, supporting the company's growth ambitions within the decorative segment.
"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," Petersson concluded.
With Hempel's strong global presence and long-term trade credentials, the intention is to grow and expand Farrow & Ball globally. "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," said Anthony Davey, CEO of Farrow & Ball.
Learn more at www.hempel.com.