IHS Chemical Week

Markets :: Specialty Chemicals :: Paints and Coatings

Management Eyes Purchase of Crown Paints from Akzo for Almost $140 Million

2:27 AM MDT | August 4, 2008 |

Alex Scott

Howard Luft, the managing director of U.K. paints producer Crown Paints is reportedly leading a proposed management buyout (MBO) for the business from AkzoNobel for £70 Million ($138 Million). Luft and his senior management team are understood to have secured financial backing for the deal from private equity firm Endless Investments (Leeds, U.K.). Endless Investments would take a majority stake in the Crown Paints business, according to a report published yesterday by a U.K. national newspaper. Akzo tells CW that the potential deal is “pure...

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