Sun European Partners’ affiliate acquires majority stake in Paragon Print and Packaging
An affiliate of UK Sun European Partners, the European adviser to Sun Capital Partners, has acquired a majority stake in Paragon Print and Packaging, a provider of packaging and outsourced services to the private label fresh and chilled food market.
The value of the transaction has not been disclosed.
Established in 1994, the Paragon Print and Packaging Group is comprised of four divisions supplying printed labels, sleeves, cartons, lined board, film and artwork. The group operates from ten UK manufacturing facilities totalling in excess of 650,000 sq ft, employs approximately 1,200 staff and has a turnover exceeding GBP170m. The group services around 1,800 customers, including some of the UK’s leading food manufacturers and end-market retailers, such as Tesco, Sainsbury’s, Asda, M&S, Morrisons, Coop, Waitrose and Iceland.
Paragon founder, Tony Lennon is remaining as an investor and adviser with the management team.
Prior to today’s transaction, Paragon was owned 51 per cent by management, 34 per cent by Equistone Partners Europe and 15 per cent by LDC.
Philippe Neuschaefer, vice president at Sun European Partners, says: “Paragon is an excellent business with an impressive management team holding market leading positions in a number of key industry segments, notably food labelling. Through our extensive packaging and retail expertise and know-how, we are looking forward to helping Paragon expand its leading position in the labelling market and establish itself even further in the areas of film and lined board to create a diversified industry champion.”
Mark Lapping, chief executive of Paragon, says: "We at Paragon are looking forward to working with the team at Sun European Partners to further build on our market leading position. We have exciting plans to develop the business in our existing and new product sectors as well as through further acquisitions. With Sun European Partner's strength in packaging, our exceptional employees and our customer focus, we have the winning formula required to ensure Paragon continues to grow and succeed.”
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