Howard Luft, Eric Mullholland and Joe Devitt welcome the brand's return to independence and vow to build on its heritage.
The management team of Crown Paints have finally announced the acquisition of Crown Paints from Akzo Nobel.

The multi-million pound deal, backed by the UK-based investment company Endless LLP, ends speculation which started at the beginning of this month.

The deal – the terms of which are undisclosed and subject to formal approval from the European Commission – is expected to conclude within the next two months.

The management team, made up of Howard Luft (ceo), Eric Mullholland (finance director) and Joe Devitt (retail director) will be joined on the board by Warwick Ley of Endless and a new non-executive chairman, Graham Hallworth.

Mr Hallworth welcomed the return to independence for the brand and said it will remain competitive.

"The robust funding structure we have put in place, supported by the significant level of investment from Endless, puts us in a strong position to increase sales further and take advantage of market opportunities," he said of the deal.

In the coming months, the funding from Endless will enable investment into production facilities, which will include the introduction of new technology and the redevelopment of its Crown Decorator Centres.

The funding from Endless will be the highest level of investment that the business has ever experienced, the management team added.