Endless exits as Crown Paints sold to Danish group

Crown Paints has been acquired by coatings supplier Hempel for an undisclosed sum.

The transaction sees Leeds-based private equity house Endless exit Crown Paints after acquiring the business from Akzo Nobel in September 2008.

Hempel, which was established in Denmark nearly a century ago, supplies products to the decorative, protective, marine, container and yacht markets in more than 80 countries.

Crown Paints, which is based in Darwen, Lancashire, employs around 1,400 staff, including 200 in Hull.

Endless and the management team at Crown Paints turned around a loss-making business. It achieved profits of £20m on sales of £180m in 2010.

Crown Paints’ chief executive, Brian Davidson, said the deal would help the company to move “to the next level”.

He added: “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. The improvement in Crown Paints’ trading performance since that time has been startling.”

Mr Davidson said there would be no changes for its staff employed in Hull.

Endless and the management were advised by Deloitte Corporate Finance, Eversheds, KPMG, Walker Morris and Rollitts.