Crown buyout completed
Published: 1 October 2008
The management team of Crown Paints has today completed its buyout of the business from parent company Akzo Nobel.
The deal, backed by investors Endless, sees chief exec Howard Luft, finance director Eric Mulholland and retail director Joe Devitt take up the reins to drive the business forward.
Graham Hallworth also joins as chairman, bringing with him experience of both the decorative coatings sector and private-equity backed ventures.
The initial focus will be on identifying areas that require investment including the upgrade of facilities at its 126 Crown Decorator Centres to ensure the company 'remains competitive'
Mr Hallworth said of the deal: "The completion of the buyout of Crown by the UK management team is exciting for everyone involved. Trading conditions are tough currently, but we are confident that the funding behind the business will allow us to remain flexible in our operational structure and take advantage of market opportunities in the coming months."