A fund managed by Ares Management’s private equity group signed a purchase agreement to sell Farrow & Ball, a UK-based manufacturer and retailer of paint and wallpaper, to Hempel Group.

Terms of the transaction were not disclosed. The transaction is expected to close in the second half of 2021 and is subject to customary closing conditions.

Moelis & Company and Rothschild & Co. served as financial advisors to Farrow & Ball. Latham & Watkins served as legal advisor to Farrow & Ball and Ares.

“Since acquiring Farrow & Ball in 2014, we are proud to have partnered with the company during a period of significant value creation,” David Ricanati, partner in in the private equity group of Ares Management, said. “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,” Jordan Smith, principal in the private equity group of Ares Management, said. “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,” Anthony Davey, CEO of Farrow & Ball, said. “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.”