Partly Cloudy

Partly Cloudy

max temp: 21°C

min temp: 18°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

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.

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.”

0 comments

BHS is closing down in Ipswich

BHS staff in Ipswich have still not been told when the store will close, the Star understands.

Barclays chief executive Jes Staley.

Banking giants will dominate reporting this week, with the City looking out for any Brexit concerns when Barclays and Lloyds deliver their half-year results.

An artist's impression of the new look planned for the former BBC Television Centre bulding in the White City area of west London.

Mildenhall-based English Architectural Glazing (EAG) has won a major contract to carry out work as part of the multi-million-pound regeneration of the former BBC Television Centre in London.

Laurence Johnson and Daniel Le Sauvage of Urban Vintage in Framlingham.

An award-winning independent men’s fashion retailer from Suffolk is celebrating its new store opening today with special offers and free drinks.

Sizewell C

Proposals to build a new £16billion nuclear power station on the Suffolk coast will move a step closer next week.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24