Management team buys Crown

Crown Paints’ management team has led a multi-million pound buyout of the company from its parent Akzo Nobel.

Chief executive officer Howard Luft, finance director Eric Mullholland and retail director Joe Devitt will now take control of the company.

They were backed by funds from private equity house Endless LLP, who will place managing director Warwick Ley on the Crown board. Graham Hallworth will also join as non-executive chairman.

Crown Paints’ products include Sandtex exterior paints and the Sadolin wood protection range.

The new Crown management team said it plans to invest the funds from Endless in new production facilities and technology, and redeveloping its Crown Decorator Centres.

“Crown is an extremely strong brand that is experiencing sales growth and it is essential that we remain competitive in current trading conditions,” said Mr Hallworth.

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

Dutch chemicals group Akzo Nobel was forced to sell the Crown range as part of its deal with the European Commission to buy ICI in autumn last year.