Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 3°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

Matthew Embley,  RDC recycling services manager, left, and Gary Griffiths, RDC international partners compliance, with the company's gold Zero Waste award.

Information technology reuse and recycling company RDC has received a gold Zero Waste Award from the letsrecycle.com website.

Angela Rushforth, managing director of Ridgeons, with the firm's Investors in People gold accreditation.

Regional timber and builders’ merchant chain Ridgeons has been awarded a “gold” rating under ther Investors in People (IiP) programme.

Alex Till of Menta.

Suffolk-based Enterprise agency Menta and the county branch of the Institute of Directors (IoD) are working together to help Suffolk business owners as they strive for growth.

The water unit from the Prince's Street fire station with Ipswich with officials from the Port of Ipswich and students from Suffolk New College at the water safety demostration hosted by the port.

The Port of Ipswich teamed up with Suffolk Fire and Rescue Service to stage a rescue simulation off Orwell Quay.

From left, Chris Chamberlain from HTK, Vicki Cole from Crafted and Helen Dodman from Ipswich Central, the three organisations behind the Destination Digital conference.

The company behind the delivery of the Ipswich town centre Business Improvement District project has teamed up with two local digital specialist to stage a conference on online marketing for the tourism and hospitality sectors.

French Connection has warned that it faces a substantial loss when it posts its annual results.

Fashion chain French Connection today warned that it now expects to make a big annual loss after seeing its recovery hopes dashed by a difficult spring trading period.

Andrew Harrison, managing director of Stansted Airport.

Manchester Airports Group, parent company of Stansted Airport, scored a four-star rating in Business in the Community’s 2015 CR Index.

Dominic Casserley, group chief executive of Willis.

Global risk advice and insurance broking firm Willis has launched a 550million euro (£393m) offer to take full control of the French broker Gras Savoye.

Sainsbury's is to cut 800 jobs as part of a restructuring of its store operations.

Sainsbury’s is to cut 800 jobs as it becomes the latest supermarket to restructure its operations in the face of tough trading conditions.

The CWind Sword offshore support vessel.

Colchester-based offshore service vessel manufacturer CTruk has won an order to supply two more of its MPC22 boats to sister company CWind.

Most read

Most commented

Topic pages