Ares Management Announces Sale of Farrow & Ball to Hempel Group
Ares Management Corporation (NYSE:ARES) today announced that a fund managed by its Private Equity Group has signed a purchase agreement to sell Farrow & Ball, a UK based manufacturer and retailer of premium paint and wallpaper, to Hempel Group. Terms of the transaction were not disclosed.
Farrow & Ball is an iconic paint and wallpaper brand with a 75-year British heritage. Recognized as the authority on colour and interior design inspiration, Farrow & Ball has become the premium brand of choice for consumers, designers and cultural institutions around the world. Its paints are crafted with rich pigments and precise techniques to deliver unmatched depth and consistency of colour. All Farrow & Ball paints have an eco-friendly water base, are categorized as low or minimal VOC and score an A+ Indoor Air Quality rating. The brand has a highly engaged consumer base, which now includes an industry leading social media following. It is available worldwide – in 60 Farrow & Ball showrooms, over 1,700 third party retail locations and through a rapidly growing e-commerce business.
“Since acquiring Farrow & Ball in 2014, we are proud to have partnered with the company during a period of significant value creation,” said David Ricanati, Partner in the Ares Private Equity Group. “We are delighted that they found the right partner in Hempel to support the company in the years ahead.”
“We had the privilege of stewarding an iconic consumer brand,” added Jordan Smith, Principal in the Private Equity Group of Ares Management. “This sale culminates another successful partnership where our sponsorship helped catalyze transformational growth.”
“We very much appreciate the support and collaboration with the Ares Private Equity team over the last six years,” said Anthony Davey, CEO of Farrow & Ball. “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.”
The transaction is expected to close in the second half of 2021 and is subject to customary closing conditions.
Moelis & Company LLC and Rothschild & Co. served as financial advisors to Farrow & Ball. Latham & Watkins (London) LLP served as legal advisor to Farrow & Ball and Ares.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity, Real Estate and Strategic Initiatives. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, Ares Management's global platform had approximately $207 billion of assets under management with more than 1,450 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.