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DORSET’S famous luxury paint and wallpaper maker Farrow & Ball is being sold to a Danish-based global company.
The private equity fund which owns the Ferndown-based business is selling it to the Hempel Group for an undisclosed sum.
Hempel, a producer of paints and coastings, is looking to double its revenue by 2025.
Hempel Group president and chief executive Lars Petersson said: “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 col ours 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.”
Farrow & Ball reveals record sales during coronavirus lockdown
Hempel said it was looking to double its revenue to three billion euros by 2025 and that the acquisition of Farrow & Ball would support its “growth ambition”.
Mr Petersson said: “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.”
Hempel said it was looking to expand Farrow & Ball around the world.
A Saturday Night Live sketch referencing Farrow & Ball
Farrow & Ball was featured on Saturday Night Live
Anthony Davey, chief executive of Farrow & Ball, said: “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.”
Saturday Night Live sketch features Farrow & Ball
The sale is subject to regulatory approval and is expected to be completed in the second half of this year.
Last year, Farrow & Ball reported what it said were the best results in its history as people turned their attention to home improvements.
However, it reported reported a pre-tax loss of £26.9million after charges on group loans. It said this “reflects how the business is structured and financed rather than being illustrative of performance”.
PICTURES: 71 years of Farrow & Ball, how the Dorset brand went global
It reported record revenue for the year to the end of March 2020 and said the start of the following year had seen trade grow “exponentially”.
Farrow & Ball’s Dorset-made products are sold in 60 of its own stores and through 1,673 other stockists.
Pics by Samantha Cook Photography, on 15th February 2017. bzfarrow Farrow & Ball Factory, Uddens Industrial Estate. Pics of CEO Don Henshall, who has previously been named CEO of the year, and the Farrow and Ball Factory.
Its profile in the US was boosted after Farrow & Ball paints were chosen for the reopening of New York’s Museum of Modern Art and featured in a sketch on the TV comedy Saturday Night Live.
Founded in Verwood in 1946, Farrow & Ball is currently owned by a private equity group managed by Areas Management Corporation.
David Ricanati, partner in Areas Private Equity Group, said: “Since acquiring Farrow & Ball in 2014, we are proud to have partnered with the company during a period of significant value creation.
“We are delighted that they found the right partner in Hempel to support the company in the years ahead.
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Jordan Smith, principal in the private equity group of Ares Management, said: “We had the privilege of stewarding an iconic consumer brand. This sale culminates another successful partnership where our sponsorship helped catalyse transformational growth.”
Farrow & Ball’s Anthony Davey said: “We very much appreciate the support and collaboration with the Ares Private Equity team over the last six years. We are looking forward to this next phase in the history of the company and are excited to find a partner in Hempel that appreciates the uniqueness of Farrow & Ball, its community of employees and its devoted customer base.”
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