Hempel has acquired the leading paint brand for an undisclosed sum, as part of its ambitious expansion plans to double in size and strengthen its position in the decorative coatings industry.
Endless LLP, which acquired Crown Paints in September 2008, today confirmed that it has sold the firm to Hempel. The terms and value of the transaction have not been disclosed but Crown chief executive Brian Davidson said the deal "is of mutual benefit to the prosperity of both companies."

He added that Hempel is, "committed to developing Crown Paints' brands in the UK and Eire. In return, we will use our well-developed industry know-how and market position to support the growth of Hempel's existing decorative business."

Coatings firm Hempel, which supplies products to more than 80 countries, recorded profits of €92m on revenues of €889m last year. The acquisition forms part of its 'One Hempel - One Ambition' strategy to double the size of the company over the coming years and strengthen its presence in the decorative coatings market.

Hempel chief executive Pierre-Yves Julien said: "Crown Paints represents everything we were looking for - from a solid position in the market and strong financial situation, to innovate R&D and marketing."

In 2008 Endless LLP and the management team at Crown achieved a successful turnaround of the previously loss-making business, going on to achieve profits of £20m and growing the firm's market share. Under Hempel's ownership, Crown will retain all of its brands and entire product range.

Crown's Mr Davidson paid tribute to Endless's contribution to the business: "Endless invested into Crown Paints at a time of great uncertainty for the business, in the heart of the global financial crisis of late 2008. This helped to secure over 1,500 jobs when the business was loss-making and considered non-core by its previous owner. The subsequent improvement in Crown Paints' trading performance since that time has been startling and befitting a brand of its stature."

Endless partner Warwick Ley added: "We are tremendously proud to have partnered with Crown Paints over the last three years. It has been a significant success for us in many ways. The business has outperformed just about every key metric, which is an outstanding achievement, given recent economic turmoil."