CROWN Paints has been sold in a multi-million pound deal.
The Darwen company has been acquired for an undisclosed amount by Danish coatings supplier Hempel.
Crown has been sold by private equity owner Endless, which bought it for £70million in 2008.
Endless is likely to have made a healthy profit on the deal as the asking price was thought to be in excess of £100million.
Crown chief executive Brian Davidson said: “This deal marks the next milestone in Crown Paints’ illustrious history and signals the next phase in our exciting and ambitious growth plans.
“This deal is of mutual benefit to the prosperity of both companies.
“Hempel recognises the talent, mature infrastructure and strong customer base that we have in our business, and is committed to developing Crown Paints’ brands in the UK and Eire.
“In return, we will use our well-developed industry know-how and market position to support the growth of Hempel’s existing decorative businesses.”
Crown employs 500 at its Hollins Road base.
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