France FR

Scope of intervention

Sycomore Corporate Finance acted as financial advisor to Wendel on the disposal of Cromology to DuluxGroup

Date of closing

January 2022
On October 20th, 2021, Wendel, one of Europe’s leading listed investment firms, entered into an exclusivity period with DuluxGroup, a consolidated subsidiary of Nippon Paint Holding, Co., for the disposal of Cromology, a European leader in decorative coatings.

Cromology, previously known as Materis Paints, entered Wendel’s portfolio in 2006 through the acquisition of Materis Group. Wendel sold Materis building materials divisions successively, to fully refocus its operations on its paints business, rebranded in 2015 as Cromology.

Over the last 3 years, Cromology’s team has revealed the potential of the company, its products and its brands and has succeeded to become a European leader in decorative paints. The Company, which had revenues in excess of €625 million in 2020, operates in 8 countries with a workforce of over 3,200 people.


  • Continue building upon Cromology’s market leading positions in France, Italy, Spain and Portugal as well as exploring scope to grow in other adjacent markets
  • Extract substantial revenue synergies through leverage of Nippon Paint’s scale and DuluxGroup’s trade & retail channel capabilities and also adjacent product portfolio
  • Support and accelerate Cromology’s organic growth and external development

Cromology at a glance

Cromology is a European leader in decorative paints which designs, manufactures, sells and distributes a wide range of paints and products to professionals and consumers through its presence in 8 European countries. 65% of its activity is in France and 35% in Southern Europe and the rest of the world. Cromology employs 3,200 people and had over €625m of revenues in 2020.

DuluxGroup at a glance

DuluxGroup is a leading marketer and manufacturer of premium-branded products that protect, maintain and enhance the spaces and places in which our customers live and work. The company employs approximately 4,000 people in Oceania (Australia, New Zealand, Papua New Guinea), Asia (China) and Europe (France, United-Kingdom). In late 2019, DuluxGroup became part of Nippon Paint Holdings, the world’s fourth largest paint company and the largest in the Asia Pacific, opening up new opportunities for DuluxGroup to grow.