Overcast

Overcast

max temp: 19°C

min temp: 11°C

Search

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

PUBLISHED: 11:04 02 January 2013 | UPDATED: 16:39 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.”

Search hundreds of local jobs at Jobs24

0 comments

sdafsdf

10 minutes ago

TV and radio personality Bill Turnbull entertained members of the Ipswich Building Society who turned out in record numbers for the organisation’s annual general meeting.

Leisure airline Jet2.com and its package tour sister company Jet2holidays have celebrated the launch of their first flights from Stansted Airport.

A 12-lane bowling alley, a laser quest arena and a ‘ninja warrior’ style assault course are among the exciting entertainment announced to open at the Buttermarket Centre in Ipswich this August.

East Anglia law firm Birketts has helped a commercial client take his case all the way to the UK Supreme Court – and win.

Flavour and fragrance ingredients company Treatt has again lifted expectations for its annual results after continued strong trading at the end of its first half.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24