Paints and coatings manufacturer Hempel A/S has closed its investment deal with CVC Funds.

In May, it was announced that Luxembourg-based private equity firm CVC Funds would acquire up to 30 per cent of Hempel. Following regulatory approval, the transaction has now been completed. Hempel has appointed Christoffer Sjøqvist and Michael Lavrysen to its board of directors.

Christoffer Sjøqvist, partner and head of CVC Denmark, and Michael Lavrysen, partner at CVC, have joined the Hempel board of directors. Eric Alström has stepped down from the board, and Søren P. Olesen has been appointed deputy chair.

The Hempel Foundation remains the majority shareholder in Hempel. Hempel says the deal will bring additional competencies and resources to support its growth and value-creation strategy.

Christoffer Sjøqvist, who joined CVC in 2006, is a partner and head of CVC Denmark. He is part of the CVC Nordics team and is based in Copenhagen. Prior to joining CVC, he worked at Warburg Pincus, Lazard Private Equity, and Goldman Sachs in the M&A department.

Michael Lavrysen, who joined CVC in 2005, is a partner at CVC and a member of the CVC Strategic Opportunities investment platform. He is based in Brussels and previously worked in the leveraged finance department of J.P. Morgan in London.

“I am pleased to welcome Christoffer Sjøqvist and Michael Lavrysen to the Hempel A/S Board of Directors,” says Richard Sand, chair of the board. “Throughout the process, I have had the chance to get to know both Christoffer and Michael and value their knowledge and experience, which will support Hempel’s growth. We look forward to our partnership and believe that their contributions will strengthen Hempel’s future.”

Sjøqvist adds: “Hempel’s development over the years has been impressive, and we are pleased to be part of their growth journey. We are eager to partner with the Hempel Foundation, CEO Michael Hansen, and his team to support Hempel with CVC Funds’ resources and experience.”

Lavrysen says: “CVC Strategic Opportunities invests in businesses with long-term growth potential, often in partnership with families and foundations. Our investment in Hempel fits this strategy well, and we look forward to leveraging CVC’s expertise to support Hempel’s continued success.”

Søren P. Olesen, CEO of STARK Group A/S, has been appointed deputy chair of the Hempel board of virectors.

The board of directors of Hempel A/S now consists of 10 members, including three employee-elected representatives.

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