Eversheds and Davis & Co both won roles on the sale of the Queen’s paint maker, Crown Paints, by private equity house Endless to paint supplier Hempel.
The value of the deal was not disclosed, but it is reported to be more than £100m.
Eversheds advised Endless and the board of Crown Paints on the sale of the company to Danish paint supplier Hempel. Corporate partners Jonathan Robinson and Daniel Hall led on the deal for Eversheds, assisted by senior associate Alasdair Outhwaite.
Buckinghamshire firm Davis & Co advised Hempel. The firm’s founding partner Mark Davis led on the deal assisted by associates Oliver Cain, Lorraine Davies and Terese Thagaard.
Leeds-based Endless bought Crown Paints in a £70m management buyout in 2008, when owner Akzo Nobel was forced to sell the company to win approval from the European Commission for its $15.9bn (£9.7bn) acquisition of ICI, which owns Dulux.
When Endless bought Crown Paints, the paint company was losing money. The company now has earnings (before tax, interest, depreciation and amortisation) of £20m on £180m turnover.
Hempel, which has embarked on a strategy to double its size, supplies paint products to the decorative, container and yacht companies across 80 countries.
In a statement, Robinson said: “Through the support and dedication of Endless and the Crown Paints management team, the Crown Paints business has been turned around during a period of financial uncertainty and now sits in a solid position in the market. This sale represents yet another success for Endless and we look forward to advising them on future deals.”
Deloitte Corporate Finance, KPMG, Walker Morris and Rollitts also had roles advising Endless and Crown Paints’ management board.