Sun European Partners’ affiliate has acquired a majority stake in Paragon Print and Packaging, the UK-based packaging and outsourced services provider, to the private label fresh and chilled food market.
Terms of the deal were not revealed, but according to a person familiar with the subject, the deal had an enterprise value, debt plus equity of £150m ($244m), Reuters reported.
Before the latest transaction, Paragon management owned 51% of the company, 34% was owned by Equistone Partners Europe and the remaining 15% by LDC.
Through the acquisition, Sun European plans to help Paragon expand its position in the labeling market and establish itself in the areas of film and lined board also.
Paragon CEO Mark Lapping said the company plans to develop the business in its existing and new product sectors and also through further acquisitions.
"With Sun European 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," Lapping said.
Paragon, which operates from ten UK manufacturing facilities totaling more than 650,000ft², comprises four divisions supplying printed labels, sleeves, cartons, lined board, film and artwork.
Sun European Partners is the European adviser to Sun Capital Partners.