Sun European Partners has acquired a majority holding in Paragon Print and Packaging. Prior to the deal the firm was owned by its management (51%) and by private equity investors Equistone (34%) and LDC (15%).
Lincolnshire-based Paragon has 10 manufacturing sites across the UK and employs more than 1,200 people.
It specialises in printed labels, sleeves, cartons, lined board, film and artwork. Customers include Tesco, Sainsbury’s, Asda, Marks and Spencer, Morrisons, Co-Op, Waitrose and Iceland. Annual turnover exceeds £170m.
Mark Lapping, Paragon’s newly-appointed CEO, said: “We have exciting plans to develop the business in our existing and new product sectors as well as through further acquisitions.
"With Sun Capital 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.”
Paragon founder, Tony Lennon will remain as an investor and advisor to the group’s existing management team.
Sun European Partners has so far completed 34 acquisitions globally in the packaging sector.