Hempel (Lyngby, Denmark) has signed a purchase agreement to acquire Farrow & Ball (Wimborne Minster, United Kingdom), a luxury decorative paint and wallpaper company with total annual sales of more than €100 million (~$121.6 million). The acquisition of Farrow & Ball, subject to customary regulatory approval, is expected to close in the second half of 2021.
According to Lars Petersson, Hempel group president and CEO, Farrow & Ball is an iconic company used by consumers, designers, and cultural institutions with “a passion for rich colors in an eco-friendly paint.”
“I am very proud to welcome our new colleagues to the Hempel family,” says Petersson. “Together we will ensure that Farrow & Ball continues its strong growth journey.”
With its newest acquisition, Hempel hopes to take the next step in its “growth journey” within the decorative segment. This should help Hempel meet its goal of doubling its revenue to €3 billion (~$3.6 million) by 2025.
“I am proud that we have already taken the next step on our journey to double our business,” adds Petersson. “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.”
Along with Hempel’s market growth in the decorative paint and wallpaper industry, Farrow & Ball will benefit from its parent company’s strong global presence and long-term trade credentials.
“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,” says Anthony Davey, CEO of Farrow & Ball. “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.”
Source: Hempel, www.hempel.com.