Hempel described the acquisition as a good strategic match, supporting its growth ambitions within the decorative segment. The company is aiming to double its revenue to €3 billion by 2025.

“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,” said Hempel president and CEO Lars Petersson.

The Copenhagen-based company said its intention is to grow and expand Farrow & Ball around the world. The UK paints company has an annual turnover of more than €100 million and has been owned by Ares Management since December 2014.

“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.

The transaction is expected to close in the second half of 2021, subject to the usual regulatory approvals.

Separately, on Apr. 1, Hempel announced that it had closed its acquisition of Wattyl Australia and New Zealand from US group Sherwin-Williams.

Hempel had also agreed key terms in January to take AkzoNobel’s decorative paints business in the Nordics and Baltics as part of the Dutch group’s plan to acquire Finland’s Tikkurila, which had previously accepted a bid from rival US paint maker PPG Industries. However, AkzoNobel changed its mind a month later, saying the intended transaction no longer met its criteria for creating superior value.

Author: Elaine Burridge, Freelance Journalist