Partly Cloudy

Partly Cloudy

max temp: 15°C

min temp: 10°C

ESTD 1874 Search

Thetford: New private equity owner for Paragon as Equistone sells investment to Sun European Partners

11:04 02 January 2013

Andrew Murtagh, left, a director at Equistone, which has sold its investment in Paragon Print & Packaging, with Paragons founder and former chief executive, Tony Lennon, who remains a consultant to the new management team

Andrew Murtagh, left, a director at Equistone, which has sold its investment in Paragon Print & Packaging, with Paragons founder and former chief executive, Tony Lennon, who remains a consultant to the new management team

PARAGON Print and Packaging, a leading supplier of packaging and labelling for the UK food sector, has been acquired for an undisclosed sum by private equity group Sun European Partners.

shares

Lincolnshire-based Paragon, which has 10 manufacturing sites around the UK at locations including Thetford and Wisbech and employs more than 1,200 people, was previously owned by mid-market private equity investor Equistone Partners Europe and co-investor LDC.

Paragon provides labels, sleeves, cartons, films and lined boards to a number of the UK’s major food retailers, including Tesco, Asda, Sainsbury’s, Morrisons, Waitrose and Marks & Spencer, and food manufacturers such as Bernard Matthews, Cranswick, Greencore and Vion.

Equistone, which exited four other investments during 2012, has owned Paragon for around five years, during which time the business has increased its turnover from £113million to £171million, through organic growth, acquisitions and new partnerships.

Its period of ownership has also included a transition to new leadership, with Mark Lapping taking over in 2010 from Paragon’s founder, Tony Lennon, who continued to support the management team in a consultancy role.

Equistone director Andrew Murtagh said: “We are extremely pleased to have been able to work alongside Paragon’s exceptional management team.

“Together we have ensured that, despite a challenging economic backdrop, the company has performed strongly through a measured acquisition strategy and consistent organic growth. We wish Mark Lapping and his team every continued success as they progress into the next stage of the company’s growth.”

Mr Lapping, chief executive of Paragon Print & Packaging, said: “Equistone has provided a tremendous amount of support during its investment period and we are delighted with the company’s performance to date, as well as our prime positioning in the market place.

“Andrew Murtagh and Paul Harper at Equistone have supported Paragon through a particularly exciting period of change, allowing us to diversify our offering both in terms of product and services to customers.

“The company is in a good position to continue its growth under Sun European Partners’ ownership.”

shares

0 comments

Sizewell A and B

Staff at the redundant Sizewell A nuclear power station will have to wait to find out if their jobs are safe from planned redundancies.

The opening of Precision Marketing's new headquarters in Bury St Edmunds.

An expanding marketing services firm celebrated the official opening of its new head office in Bury St Edmunds yesterday.

Arlingtons new art exhibition, Liz and Ken Ambler at the launch

Music, art, wine and a great deal more

Steven and Debbie Morgan pictured when they took over The Royal Oak earlier this year

Firefighters were called to a pub last night following a water leak which caused flooding.

Abby Curtis who is opening Pump and Grind coffee shop in Great Colman Street with Tom Kerridge

The business team behind a new cafe have said they are disappointed they will not able to serve alcohol when opening for the first time on Saturday.

Rachel Pearlman, Zoe Bradbury, Jack Northcott and Jordan Keeble of Ginger Nut Media team  at the OXO Tower in London, after being awarded as the best level of support during Advanced Apprenticeships.

A digital advertising firm is celebrating after scooping an award for its supportive training regime.

Royal Mail has seen a rise in annual profits.

Royal Mail today reported a rise in underlying annual profits as a squeeze on costs helped offset a lower than expected performance from its parcel business.

Bury Council Building Angel Hill.

The new chairman of Bury Town Council has said he intends to make the authority relevant after claiming it has done “almost nothing” for the last few years.

Tesco  Group Chief Executive Dave Lewis

Tesco paid £4.1 million to new boss Dave Lewis in his first six months after he was brought in from consumer goods group Unilever to turn around the embattled supermarket.

A branch of cash and carry chain Booker

The country’s largest cash and carry chain is to buy Londis and Budgens in a £40million deal to boost its scale amid the ongoing supermarket price war.

Most read

Most commented

Topic pages