Coatings manufacturer Hempel has signed a purchase agreement for the acquisition of Farrow & Ball, a luxury decorative paint and wallpaper company.
“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,” says Hempel Group President & CEO Lars Petersson. “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.”
Hempel is taking the step in order to double its revenue to EUR 3 billion by 2025. The company considers the acquisition a good strategic match, supporting Hempel’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 says.
Using Hempel’s global presence, the intention is also 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,” 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.”
The transaction is expected to close in the second half of 2021.